Home / Knowledge / News / Textiles / Textile sector to gain from hike in export tax rebate
Textile sector to gain from hike in export tax rebate
14
Nov '08
Nearly 1,120 categories of export products from Zhejiang Province will benefit from the changes brought about in the export drawback policy. Since the province has a very large number of exporting labour intensive industries like textiles, clothing, toys, plastic products, furniture, sewing machines and tools industries, the fruits of the change are bound to percolate down and bring cheer to all and sundry.

From amongst the benefitting industries, the textile and clothing sector is expected to take the cake as this industry accounts for 90.4 percent of the total export value and as the latest export drawback rate on textile and clothing has been increased from 13 percent to 14 percent it will be the sector which will profit the most.

In the first three quarters of this year, textiles and clothing exports from Zhejiang Province registered US $32.18 billion, up 21.2 percent year-on-year. The increase of export tax rebate rates covers nearly 12,300 export enterprises in textiles and clothing products in the province which account for 38.8 percent of all exporting companies.

It is estimated that one percentage point increase in export tax rebate rate will help textile and clothing industry gain 0.07 Yuan from export drawback against one dollar of exports. This new hike in rebate rates on textile and clothing exports will help companies from the sector in Zhejiang Province gain 520 million Yuan from exports in November and December alone.

When coupled with the increase in export drawback on textile and clothing from 11 percent to 13 percent in August this year, these companies are expected to garner a windfall amount of 3.5 billion Yuan from export drawback in the whole year, as a result of the two hikes in export tax rebate rates.

Fibre2fashion News Desk - China


Must ReadView All

Pic: Modanisa

Apparel/Garments | On 23rd Mar 2019

European bank invests in Turkish fashion e-com platform

The European Bank for Reconstruction and Development (EBRD) recently...

UNIDO to train cotton farmers in Egypt on sustainability

Textiles | On 23rd Mar 2019

UNIDO to train cotton farmers in Egypt on sustainability

The United Nations Industrial Development Organisation (UNIDO) has...

China to boost investment in Bangladesh: envoy

Textiles | On 23rd Mar 2019

China to boost investment in Bangladesh: envoy

China would facilitate more investment by its companies and small and ...

Interviews View All

Prabu Mohanram, Balavigna Weaving Mills Pvt Ltd

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Amrit Sethia, SOIE

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Sham Shah,

Sham Shah

Shamal and Shamal Pvt Ltd is into manufacturing and sales of textile...

Ritu Ajbani & Neha Agarwal,

Ritu Ajbani & Neha Agarwal

Petit Royal, co-founded by entrepreneurs <b>Ritu Ajbani and Neha...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Paige Mullis, Glen Raven Inc

Paige Mullis
Glen Raven Inc

Paige Mullis discusses the expansion plans of Glen Raven Inc in India, and ...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

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

Leave your Comments


March 2019

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

news category


Related Categories:

Advanced Search