Wednesday , April 25 2018
Breaking News


China imported 22% more fruit in first two months of year


BEIJING: During the first two months of 2018, Chinese fruit imports increased by 22% in volume and 58% in value. The main products that contributed to this growth were cherries, oranges, blueberries, and bananas. Chinese cherry imports amounted to a record 135,000 tons, 191% more than in the same period in 2017. Chile achieved a record harvest this season and ... Read More »

China March scrap metal imports fall 24.6 pct customs


BEIJING:  China’s scrap metal imports in March fell by 24.6 percent from the same time a year ago as new curbs on foreign solid waste came into effect for the first time, while waste paper imports slid by 54.2 percent and the country imported zero plastic. New impurity limits – set at 1 percent for nonferrous metal, and at 0.5 ... Read More »

Further Chinese import restrictions announced


BEIJING: The restrictions will come in two waves. Firstly by 31 December 2018, solid waste from waste hardware, waste ships, pressed parts from waste autos and waste plastics from industrial sources are among those that will be restricted. On the same date a year later, 16 further types of material will be banned from being imported, including stainless steel scraps ... Read More »

China targets US EU with rubber trade case


BEIJING: China announced today it would impose temporary anti-dumping measures on synthetic rubber imported from the United States, the European Union and Singapore. The case could stoke the simmering tit-for-tat trade tiff between Beijing and Washington, with each side having made threats of more duties on billions of dollars worth of good.The anti-dumping measures on rubber come after an initial ... Read More »

China bans imports of 16 more scrap waste products from end-2018


BEIJING:  China will ban the imports of 16 more scrap metal and chemical waste products from the end of this year, the environment ministry said on Thursday. The 16 banned products include steel smelting slag containing more than 25 percent of the metal manganese, and ethylene polymer waste, the Ministry of Ecology and Environment (MEE) said in a document published ... Read More »

Customs figures quantify falling Chinese imports


BEIJING: China has issued its latest round of import permits for scrap paper and plastics, and approved volumes remain particularly low on the plastics side. Meanwhile, a separate data set shows stark year-over-year declines in imports during the first two months of 2018. The most recent permits, the 10th round this year from China, were issued Monday. They approve the ... Read More »

China Apple import and export markets


BEIJING: Profitable news recently stimulated the apple import and export market. First, India relaxed apple import regulations, which positively impacted Chinese apple exports. India had started to tighten regulations for apple imports from China in June 2017, but now the regulations have been officially loosened in an announcement from the head of India’s Directorate General of Foreign Trade. How beneficial ... Read More »

China approves imports from three Irish beef processors


BEIJING:  China has approved imports of frozen boneless beef from three Irish beef processors, Ireland’s national broadcaster RTE said on Monday, citing the Minister for Agriculture Michael Creed. The approval gives Ireland access to the world’s fastest growing beef market and second largest importer for the first time. Read More »

China begins first imports of Dutch veal after 18 years of talks


BEIJING: The Netherlands is to begin exporting veal to China after 18 years of negotiations, the Financieele Dagblad said on Friday. The Netherlands is the first country in Europe to gain entry to this large market which remains closed to other exporters as well as to Dutch producers of other sorts of meat, the paper said. ‘The export of veal ... Read More »

China filed a complaint against USA to WTO


BEIJING: China filed a complaint to the World Trade Organization (WTO) against US President Donald Trump’s decision to impose import duties on steel and aluminum. The Asian country has requested a 60-day consultation with the United States to resolve the dispute. If the two sides do not find a solution, the next step is for Beijing to ask for a ... Read More »

World’s largest iron shipper says China import boom to level off


BEIJING: The world’s largest iron ore exporter delivered a mixed message on the outlook, raising near-term price forecasts but combining that revision with a more sombre message that China’s gargantuan imports are set to level off as steel production eases in the coming years. Iron ore will average $61.80 a metric tonne this year and $51.10 in 2019, Australia’s Department ... Read More »

Salmon smuggling China cracking down on triad crime


BEIJING: Figures for early April 2018 show salmon prices have spiking in China, up by over 50 percent year-on-year.  Per kilo for large size (six to seven kilograms) of whole Chilean and Norwegian salmon at the Jingshen market in Beijing this weekend, as buyers sought to capitalize on lower supply following a crackdown on rampant smuggling from Vietnam. The squeeze ... Read More »

China’s four-decade route to the world’s top-performing economy


BEIJING: This year marks the 40th anniversary of China’s economic reform and opening. In December 1978, China’s “open door” policy signposted a turning point in its economic management and trajectory. All of these impressive achievements are thanks to the perseverance and far-reaching changes in China’s economy and society, from the decollectivisation of agriculture to the expansion of international trade and ... Read More »

China gives preferential tax rate for generic drugmakers


BEIJING: China will offer preferential tax rates to generic drugmakers, setting corporate income tax for qualified high-tech firms at 15 percent, China’s cabinet said in a policy document on Tuesday. The State Council also said it would draw up new incentives aimed at encouraging the development and production of generic drugs, a move it said would help safeguard public health, ... Read More »

Brazil premiums rocket 70 cents on China soybean tax threat


BRASILIA: Premiums for Brazilian soybeans over futures contracts spiked at least 70 cents on Wednesday on the expectation of greater demand from China after the world’s biggest bean buyer said it would tax US imports of soybeans. Soybean front-month futures on the Chicago Board of Trade fell around 40 cents on the day to about $10/bu at time of press ... Read More »

Tesla facing risk of steeper China taxes adds to Musk’s Woes


BEIJING: Tesla Inc. needs to brace for another setback after China included electric cars among American products that it would hit with additional tariffs in a counter-punch to the U.S.  Other American auto imports also made the list of products China is threatening including SUVs, which could even impact BMW AG and Daimler AG. But Tesla is at particular risk. The Elon Musk-led carmaker ... Read More »

China implements first environmental protection tax


BEIJING: The first green tax protection for the environment was formally implemented this year. As a tax subject to be declared on a quarterly basis, the environmental tax on April 1st ushered in the first levy. In order to strengthen environmental protection, China’s environmental protection tax was introduced in the previous years to increase environmental protection taxes, this was to ... Read More »

Chinese Customs busted 26 suspects who used drones to smuggle iPhones into China


BEIJING: A group of 26 suspects were arrested in China for smuggling almost USD $80 million worth of smartphones into Southern China from Hong Kong. Suspects were able to transport upwards of 15,000 devices in a single night, which were mostly refurbished iPhones, (according to the Chinese Customs’ report) across the border that divides Hong Kong from mainland China. Drones ... Read More »

China busts smugglers using drones to transport smartphones


BEIJING: Customs officers in southern China’s technology hub Shenzhen busted a group of criminals using drones to smuggle 500 million yuan ($79.8 million) worth of smartphones from Hong Kong to Shenzhen, the official Legal Daily reported on Friday. Authorities arrested 26 suspects who used drones to fly two 200-meter (660-feet) cables between Hong Kong and the mainland to transport refurbished ... Read More »

China steel industry adds voice to steel import concerns


BEIJING: China’s steel industry urged Beijing to ensure any increase in steel products seeking a market in the wake of U.S. tariffs did not affect its domestic industry, following the announcement of a European Union import probe. The comments by the China Iron & Steel Association (CISA) came after the EU initiated a probe on Monday into imported steel in ... Read More »