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Low tax rebate may slow down textile export

14
Apr '07
In order to bring stability in the trade surplus, Chinese Government is planning to reduce export tax rebate on textile products.

Ministry of Commerce and Finance is trying to workout along with National Development and Reform Commission (NDRC) to set a figure of reduction.

The discount rate on cotton textiles might be reduced to 9 from current 11 percent and for garments it would be reduced from 13 to 9 percent and on chemical fibre products from nine to five percent.

The China National Textile Industry Council is suggesting to trim down the tax rebate on garments to 11 percent. This may reduce the growth of garment exports from 25 to 10 percent. This would further affect on $1.6 billion revenues, which is likely to drop down to 15 percent in 2007.

Last year, China exported garments and textile worth $143.99 billion showing a growth of 25.2 percent and imported $18.09 billion, up 5.6 percent.

The country's trade surplus soared to $46.44 billion in first quarter, but fell to $6.87 billion in March, less than a third from February figure.


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