Home / Knowledge / News / Textiles / Five time increase in drawback rates helps stave off dip in exports
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


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement ...

Interviews View All

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X