News Detail

Trade event this week! The RMB exchange rate is close to 7.2....

Issuing time:2019-09-02 09:58

Headlines


The RMB exchange rate stands at 7.2


"A sudden analysis is like a tiger, and the rise and fall all depends on Trump", which is the most direct feeling of China's currency market in more than a year since the sino-us trade friction. After August 5, the onshore and offshore exchange rates of RMB against the us dollar both broke "7", they did not recover the "7" mark, but set new lows repeatedly. In just 20 days, the yuan rose to 7.18, just one step away from 7.2. The yuan has fallen nearly 4 percent since August, putting it on track for its biggest one-month decline.


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The renminbi fell more than 10 per cent between April and November last year amid escalating trade friction between the us and China.


According to an analysis by Reuters, if all Chinese goods exported to the us are subject to tariffs by the end of this year, the average tax rate will be around 21.8% (2500/5500*30%+3000/5500*15%). If the accumulative depreciation of RMB is around 15% from the end of march last year, the RMB will fall to around 7.2150 yuan against the us dollar at most by the end of this year.


Vietnam


The customs exercises control over goods without VAT number


DHL in Hong Kong recently issued a notice stating that the general administration of customs of Vietnam (GDVC) will implement risk management control for import and export goods with high value and no VAT number (declared under false VAT number - 99999999998).


The value of imported and exported goods subject to risk management control is as follows: imported goods above us $43 (VND 1 million) and exported goods above us $208 (VND 5 million).


DHL in Hong Kong said all such goods would be subject to a red channel declaration and would be physically inspected by express customs officials. This will cause a delay of at least 24 hours.


In addition, the inspection will affect all private (e-commerce) shipments and companies that fail to provide the VAT registration number of the company (Vietnam) (for companies that do not have the VAT number, DHL Vietnam will not clear the goods until the company provides the VAT number).


India


Strengthen customs inspections of imported products on e-commerce platforms


Foreign media reported that the Indian government has launched stricter checks on imports and dealers of e-commerce platforms on suspicion that they evade taxes when bringing goods into India. The Indian government says the evading cross-border importers did not fill out proper customs forms and did not report the actual value of the goods.


DPIIT, the industry and internal trade promotion authority, has sent written notices to ports from across India asking for careful verification of the goods to determine whether they are genuine "gifts". Under Indian law, gifts worth 5,000 rupees or less are not taxed.


Myanmar


Import licensing fees are to be increased



Myanmar's government is planning to raise import licensing fees in response to the country's changing economic environment. U Aung Htoo, myanmar's deputy commerce minister, said the plan proposed a new fee structure for import licenses, with a minimum rate of 30,000 to 90,000 kyat, up from the current 250 to 50,000 kyat. Vice minister U Aung Htoo has yet to detail when since the implementation of the new import licence fee structure, but it is pointed out that the current fee structure need to be modified, because it is inconsistent with the country's economic environment present situation, proposed the future on the other hand, although the import license fee will be increased to increase, but import projects which needs to license to   from the original 4818 last year, dropped to 4613 this year.


Colombia


Tariffs on imported garments will be raised on November 3


Colombia's government announced on August 6th, executive order no. 1419, announced that it would since November 3, the chapter raised tariffs number 62 and 61 garment products tariff, to declare the price (FOB) is equal to or less than $20 per kilogram of garment products a 37.9% tariff, higher than the price of the product, a 10% plus a tariff of $3.

The current tariff on Colombian garments is 15 per cent. In accordance with executive order 1786 of 2017 (valid until November 2 this year), a tariff of 40 per cent will be imposed on garments whose declared price (FOB) is equal to or less than us $10 per kilogram.


Colombia's garment manufacturing association (Cccya) said the country's garment industry was threatened by cheap garments from mainland China and Africa smuggled into the market through illegal sources and said the order should take effect immediately to protect the garment industry, which employs 600,000 people.


Nigeria


Online transactions will be taxed from January 2020


Nigeria will introduce VAT for all online transactions from January 2020. Currently, the Nigerian federal tax administration is discussing VAT with stakeholders.


The anti-dumping


The United States has made a final ruling on industrial damage to steel shelves in China



On August 20, 2019, the United States international trade commission (USITC) vote on imports from China Steel shelves (Steel Racks) to the anti-dumping and anti-subsidy industry injury positive final. According to the affirmative ruling of the us international trade commission, the us department of commerce will issue anti-dumping and countervailing duty orders on steel shelves imported from China. The case involves products under us harmonized tariff codes 7326.90.8688, 9403.20.0080 and 9403.90.8041 and some products under items 7308.90.3000, 7308.90.6000, 7308.90.9590 and 9403.20.0090.


Shipments


The certificate of conformity is required for wood packing export goods


Receiving the latest notice from the customs: starting from August 26, 2019, the goods for export inspection shall be provided with wood packaging (wood materials used for carrying, packaging, bedding, supporting and reinforcing the goods, such as wooden crates, wooden crates, wooden pallets, wooden frames, wooden barrels, wooden shafts, wooden wedges, wooden pads, sleepers and linings, etc.). Before inspection, please submit the original certificate of quarantine and pesticide treatment of exported wood packaging to the customs inspection department.


Shipping


New regulations on the shipment of dangerous goods from Shanghai port



According to the five departments of logistics supervision of yangshan customs:


In order to ensure the import and export of dangerous goods safety inspection work, promote related goods inspection work efficiency, strengthen the inspection of goods risk characteristics of the audit in advance, since August 27, 2019, in luchao harbor dangerous library operation regulation point (yangshan, outer port) to carry out import and export of chemicals (not including hazardous chemicals and general chemicals, including mechanical equipment class) inspection, please prepare in advance all the relevant inspection item description of the safety data sheet in Chinese MSDS, for when to accept the inspection in advance to master relevant inspection risk characteristics of the goods, ensure the security of the port inspection work.


After the ship leaves, Qingdao customs does not accept the name change of manifest



Starting from March 2019, Qingdao customs strengthened port supervision and reiterated that the export bill of lading must be consistent with the prearranged manifest. And requires the shipping company to strictly verify the bill of lading and manifest, and report the verification results every month; The customs will also randomly check the consistency between the export bill of lading and the prearranged manifest from time to time.


Since July, Qingdao customs has further strengthened the control on the name of the manifest, which is embodied in the following aspects: the application for the change of the name of the manifest after the ship leaves is subject to strict review after discussion; If the product name is changed significantly, the application for change will be returned to the customer.


You may apply to correct the name of the manifest with the following two exceptions: 1) there is a customs inspection report which can prove the true condition of the goods in the container; 2) obvious hand error, such as recording the case number in the item name column.


In order to ensure the smooth shipment and delivery of the cargo, please make sure that the product name is true and accurate and consistent with the product name of the bill of lading when entering the prearranged manifest.


Cosco shipping's container ships hit ships


On the evening of August 22, local time in Vietnam, a very large container ship of cosco shipping named CSCL JUPITER with a capacity of up to 14674TEU was collided by an inbound vessel at the gai mei port in Vietnam, causing damage to the hull of "CSCL JUPITER". According to the damage situation of the ship, it is estimated that it needs to be repaired and delayed for about a week at the gai mei port. The ship was supposed to arrive at port klang on August 24, but now the shipping date is delayed and it is expected to arrive on August 31, and the goods at the subsequent port will be delayed for about a week.


The container ship "CSCL JUPITER" had docked at several ports in China, including xiamen, nansha, Hong Kong and yantian.


Please contact the buyer immediately to inform them of the delay.


Policy


Six new free trade zones have been established in shandong, jiangsu, guangxi, hebei, yunnan and heilongjiang provinces



China (shandong), (jiangsu), (guangxi), (hebei), (yunnan) and (heilongjiang) pilot free trade zones were issued by the state council.


At present, China has approved 18 pilot free trade zones in multiple batches. The overall plan has two distinctive features, namely, leading high-quality development and further opening up.


For example, shandong pilot free trade zone to develop Marine economy; Jiangsu pilot free trade zone promotes innovation and development of integrated circuit, artificial intelligence, biomedicine, nanotechnology application and other industries. Guangxi pilot free trade zone to build a new channel for international land and sea trade; Heilongjiang pilot free trade zone expands cooperation with Russia; Hebei pilot free trade zone supports the open development of biomedicine and life and health industries.








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