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Rebate rate boost raises confidence of sewing machine sector
24
Jun '09
To ease pressure on export enterprises and promote foreign trade growth, the state council once again announced the decision of raising export tax refund rate on sewing machines sector, which now stands at 17 percent from 14 percent earlier.

This is the third increase of export tax rebate for sewing machines since the end of last year, as the rate has increased from 13 percent by the end of last year to 14 percent at the beginning of this year and than to the current, 17 percent.

By raising the export tax rebates, the sewing machine industry sees state's determination of reviving equipment manufacturing industry that has been heavily hit in the financial crisis, and also helps in reviving confidence of companies.

At the same time, experts agree that the main reason restricting exports is the drop in demand and increase in rebate rate can only stimulate the sector, but cannot fundamentally reverse the situation of foreign trade.

Zhejiang Winway Machinery Co Ltd, a leading enterprise in household sewing machine sector has grasped opportunities by always adhering to product innovation and adjusting product structure to meet new market demand.

After four months of decline in exports, it has finally realized an export growth in May. At present, 60 percent of exports from Winway are to EU and US markets, but it also has expanded to new markets in Southeast Asia, the Middle East and Africa.

According to statistics, China's machine industry has showed signs of a recovery; especially as sales in February increased nearly 17 percent from January and it is more imperative that sewing machine sector pay more attention to technology and quality.

Fibre2fashion News Desk - China

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