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Five time increase in drawback rates helps stave off dip in exports
13
Mar '09
To deal with the complex and ever-changing economic turmoil at home and in overseas markets. China has consecutively increased export tax rebate rates on textiles and garment, machinery and electronics, steel, chemical products five times in the last few months.

According to customs statistics, in January this year, the total merchandise exports from sectors involved in the those increases of export tax rebate rate reached US $48.55 billion and accounted for 53.7 percent of China's total export volume over the same period.

Merchandise exports of general trade of sectors associated with increase in drawback rates touched $28.09 billion, a slight decrease of 1 percent and accounted for 57.9 percent of China's total export, while merchandise exports of processing trade marked US $17.31 billion, down 25.5 percent.

Due to reduced working days in January, from amongst the main sectors, which benefitted from the hikes in drawback rates, the traditional labor-intensive textile industry exports declined 11.9 percent while that of plastics exports slightly decreased by 0.4 percent.

On the other hand, exports of clothing and accessories registered $10.42 billion, an increase of 5.9 percent; footwear exports scored $2.91 billion, up 10.6 percent; exports of furniture and parts realized $2.13 billion, an increase of 0.7 percent; bags exports fetched $1.15 billion, an increase of 8.3 percent.

In January this year, mechanical and electrical products which had its duty drawback rates increased three times reached $19.82 billion, down 21.6 percent. Excluding Chinese New Year factors, January exports of machinery and electronic products also realized a slight increase of 1.5 percent year-on-year.

Fibre2fashion News Desk - China

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