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Thursday, 03 September 2020 12:42

China lowers duties on Bangladesh imports

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The Chinese government has lowered duties on goods imported from Bangladesh. Taxes on almost all goods from Bangladesh have been reduced by upto 60 per cent, reports China Briefing. Henceforth, China will offer a duty-free export advantage to an extra 5,161 Bangladeshi goods, with the number of exempt goods being increased to 8,256, provided by professional services company, Decan Shira and Associates. This includes the products authorized under the Trade Agreement of Asia Pacific (APTA).

Since 2010, Bangladesh exporters enjoyed majority of duty-free benefits, according to the report, with the most common imports into China being jute, plastics, crude hide, hides, frozen seaweeds and crabs, live eels, sesame seeds and cotton waste products. But these exports have shown no noticeable growth, given the duty advantages that the country has had over the last decade. Data by Export Promotion Bureau data shows, during the 2014-2015 fiscal year, total exports to China amounted to $791 million. By 2019, the figure rose to $831 million and by May, exports totaled $557 million.