Weekly Newsletter

China to adjust imports and exports tariffs from 1^st January

The Tariff Commission of The State Council has announced that import and export tariffs on some commodities will be adjusted in 2023. Starting from January 1, 2023, China will raise import and export tariffs on certain commodities within the scope of its WTO commitments in light of the development of domestic industries and changes in supply and demand.

Among them, the temporary tariff rate on imports of chestnuts, licorice and their products, large tires and sugarcane harvesters will be abolished and the most-favorednation tariff rate will be restored. To promote the transformation, upgrading and high-quality development of related industries, the export tariff on aluminum and aluminum alloys will be increased.

Starting from July 1, 2023, China will also implement the eighth step of tax reduction on 62 items of information technology products. China's overall tariff level will be reduced from 7.4% to 7.3%.

Hong Kong's exports fell 24.1 per cent in November

Hong Kong's Census and Statistics Department said exports fell 24.1% year-on-year to HK $360 billion in November, worse than market expectations of a 16.2% drop. Imports of goods fell 20.3 per cent year-on-year to HK $387.1 billion, worse than market expectations of a 13.8 per cent decline.

Thailand's exports fell 6.0 per cent in November from a year earlier

Thailand's commerce ministry recently said exports fell 6.0 per cent in November from a year earlier due to the global economic slowdown. Exports of agricultural and agro-industrial products fell 2 percent year-on-year in November, while shipments of industrial products fell 5.1 percent, the ministry said in a statement.

Vietnam's port cargo throughput exceeded 733 million tons in 2022

Vietnam's ports handled an estimated 733.18 million tons of cargo in 2022, up 4 percent from 2021, according to the deputy director of Vietnam's Maritime Administration. Among them, the export of goods amounted to 179 million tons, down 3 percent; Imports of goods reached 209.2 million tons, down 2%. Domestic goods reached nearly 343 million tons, up 12 percent from 2021.

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