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India's cotton yarn import tax rate is lowered, or new growth
Recently, the State Council once again issued a notice on the adjustment of import tariffs to some countries, and a variety of textile and apparel products appeared in the lowered list. Among them, the tax rate of some cotton yarns has dropped to 3.5%, a drop of more than 30%. India's exports of cotton yarns to my country may usher in new growth. Recently, the Customs Tariff Commission of the State Council issued a notice on the implementation of the agreed tariff rates of the Second Amendment to the Asia-Pacific Trade Agreement. According to the notice, in accordance with the “Regulations on Import and Export Tariffs of the People’s Republic of China” and the “Second Amendment to the Asia-Pacific Trade Agreement” approved by the State Council, it has been , Laos, South Korea, and Sri Lanka are subject to the agreed tariff rates of the Second Amendment to the Asia-Pacific Trade Agreement. From the perspective of the new treaty tax rate table, among the textile and apparel products that need to be reduced in import tariffs, most of the products that have lower tariff rates on cotton textile products, the rate of reduction is about 30%. Among them, the tax rate for some cotton yarns was lowered from 5% to 3.5% (individually lowered to 4.5% and 5%), and most cotton fabrics were adjusted from 10% to 6.5%. India used to be the country's largest source of cotton yarn imports. It was overtaken by Vietnam in 2015 and currently ranks second. Take cotton yarn with a cotton content of more than 85% as an example. In 2017, my country’s imports of such products from India totaled US$1.067 billion, accounting for 21.06% of my country’s total global imports of such products and 44.31% of India’s global exports. . Since 2010, my country's imports of cotton yarn from India began to increase sharply, and then began to gradually decrease in 2013. The Asia-Pacific Trade Agreement lowered the cotton yarn tax rate. India, as one of the signatories of the agreement, is likely to increase cotton yarn exports to China, ushering in a new increase in exports of such products to China. It is worth mentioning that Vietnam’s textile industry has developed rapidly in the past decade. It has now become the largest exporter of US cotton and the largest importer of yarns in my country. Among them, Chinese-funded enterprises have contributed to the in-depth investment in Vietnam. Article keywords: Indian cotton yarn import tariff overseas textile