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Norway’s seafood exporters to pay 8.58 mln USD less as China cuts tariffs

Norway’s seafood exporters to pay 8.58 mln USD less as China cuts tariffs

China : Norway’s seafood exporters might pay over 70 million kroner (8.58 million U.S. dollars) less every year after China introduced huge new tariff cuts on Sunday, the Norwegian government said in a press release.

“Last year we exported seafood for well over 3 billion kroner to China. If we take last year’s exports as a starting point, this means a tariff reduction of more than 70 million kroner annually,” Minister of Fisheries Per Sandberg was quoted as saying on Saturday.

“China opens up for more international trade. These are positive moves from a large and important market,” he said.

According to the press release, more than 250 Norwegian seafood products will have tariff reduction.

“China will import more raw materials for further processing in China, and provide consumers with better access to goods. Lower tariffs are good news for the seafood industry,” Sandberg said.

Tariffs on 1,449 taxable consumer goods were reduced from an average rate of 15.7 percent to 6.9 percent, including home appliances, food and beverage, cosmetics and medicines, according to China’s Customs Tariff Commission of the State Council.

It was China’s fifth round of tariff cuts for consumer goods since 2015. (1 U.S.dollar = 8.1588 Norwegian kroner)