Import of ECFA Products via Ningbo Port Ranks First Among all Mainland Ports
- Details
- Category: Ningbo Business
- Published: Tuesday, 21 February 2012 10:02
According to Ningbo Customs, imports from Taiwan via Ningbo Port in 2011 stood at 8.06 billion US dollars, accounting for more than 10% in the total import volume. Among them, the value of ECFA products reaches 1.264 billion USD, accounting for 40.62% of the national total, ranking the first among all ports.
ECFA (Economic Cooperation Framework Agreement) early harvest lists were formally implemented on January 1st, 2011. The mainland promises tariff preferences on 557 products and tariff will be reduced to zero during 3 phases in 2 years. In the past year, the range of exports from Taiwan has expanded from single chemicals to 136 other commodities such as mountain bikes and auto parts. As an important chemical base, Ningbo has a great demand for chemical raw materials. Last year alone, Ningbo imported 355,000 tons of xylene, worth 580 million USD, up 48.6% and 1.3% respectively.
The ECFA Early Harvest Program starts the second-phase tariff reduction from 2012. Except for the 30 products with a tax rate reduced from 15% to 5%, the rest are no longer taxed. In the first week in January, Ningbo Customs has received 29,000 tons of imported Taiwan products, worth about 40 million USD.
A batch of enterprises in Ningbo have benefited from ECFA Early Harvest Program. Import of Taiwan products via Ningbo Port has enjoyed tariff preferences of 186 million yuan in 2011.
