Seafood export enterprises to benefit from the reduced import tariffs of China
VCN - According to the Vietnam Association of Seafood Exporters and Producers, from 1 January 2017, China reduced the import tariffs for some popular seafood products.
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Seafood processed for export. Photo: Thu Hoa
Accordingly, China fell by 3 - 7% of import tariffs for 10 different seafood products, so demand for these products in China in the coming time tends to increase.
China reduced the import tariff for 17 seafood products from 1-1-2017. Earlier, there were 7 items which had a reduced tariff rate. However, according to China’s Ministry of Commerce, the decreased tariffs are considered as "temporary" to improve the supply shortage and could be returned to normal levels at anytime.
Specifically, for pollock. The pollock importers (HS code 030 367) can get the largest benefits from the reduced tariffs. In 2015, China imported $US 740 million of pollock. According to the International Trade Centre (ITC), by far, China has become the world’s largest importer of pollock. The import tariffs of pollock will be reduced from 10% to 5%.
Most Chinese pollock products are processed and re-exported. Besides, the domestic whitefish market is also growing quickly. Chinese largest processors provide up to 50% of whitefish products to the domestic market.
The imports of other frozen white fish products also benefit from reduced tariffs such as: cod (25), herring (2%), plaice (2%), Atlantic halibut (5%) and cutlass fish (5%).
Tariffs for albacore tuna, yellowfin tuna, bigeye tuna, Atlantic bluefin tuna, Pacific bluefin tuna and Southern bluefin tuna will be reduced from 12% to 6%. China’s tuna catching reached a significant volume, mainly from Chinese ports rather than Bangkok, to provide the domestic market and the exports.
Import tariffs for coldwater northern shrimp (pandalus borealis, HS code 03061612) will be reduced from 5% to 2%. According to the ITC, China is the world's largest importer of coldwater northern pandalus with import value of $US 162 million.
Import tariffs for frozen crab (HS code 03061490) will be reduced from 10% to 5%. In 2015, according to the ITC, China imported $US 171 million of frozen crabs, mainly from Canada ($US 90 million) and USA ($US 40 million). Most imported products are processed and then re-exported.
China will also reduce the import tariffs for live crab (HS code 03063399) from 14 % to 7%. This helps to increase benefits for domestic importers because most live crabs are consumed domestically.
Tariffs for unfrozen lobster (HS code 03062190 and HS 0306229) were reduced from 15 % to 10% in 2015.
In 2015, the imports of unfrozen lobsters of China reached $US 529 million. New Zealand was the largest country exporting lobster HS code 03062190 to China with export value of $US 219 million. The import of lobster HS code 03062290 of China from Canada and USA reached $US 102 million and $US 84 million.
According to the tariff documents, from 1 January 2017, the tariffs for products under HS 03063190 and 03063290 will be reduced from 15% to 10%. The former definition of the 2 HS codes was referred to live/fresh/frozen and other “lobster”, while the later definition was referred to live/fresh/frozen “crayfish”
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However, because Chinese Customs applied all former regulations, the importers and exporters should learn ahead of their next Chinese shipments to confirm the new tariff policy.
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