Brazil: Cut import tariffs on 6,195 items
On May 23, the Foreign Trade Commission (CAMEX) of the Brazilian Ministry of Economy approved a temporary tariff reduction measure, reducing import tariffs on 6,195 items by 10%. The policy covers 87% of all categories of imported goods in Brazil and is valid from June 1 this year until December 31, 2023. The policy will be officially announced in the Official Government Gazette on the 24th. This is the second time since November last year that the Brazilian government has announced a 10% reduction in tariffs on such goods. Data from the Brazilian Ministry of Economy shows that through two adjustments, the import tariffs on the above-mentioned goods will be reduced by 20%, or directly reduced to zero tariffs. The scope of application of the temporary measure includes beans, meat, pasta, biscuits, rice, building materials and other products, including South American Common Market External Tariff (TEC) products. There are 1387 other products to maintain the original tariffs, including textiles, footwear, toys, dairy products and some automotive products. Brazil’s cumulative inflation rate over the past 12 months has reached 12.13%. Affected by higher inflation, Brazil’s central bank has raised interest rates 10 times in a row.
Russia Russia exempts some goods from import duties
On May 16, local time, Russian Prime Minister Mikhail Mishustin said that Russia will exempt import tariffs on technical equipment, etc., and will also simplify the import process of electronic equipment such as computers, smartphones and tablet computers. It is reported that technical equipment, spare parts and spare parts, as well as raw materials and materials for the implementation of investment projects in sectors important to the economy, can be imported into Russia duty-free. The resolution was signed by Russian Prime Minister Mishustin. This decision was taken to ensure the development of the Russian economy despite external constraints. The investment projects mentioned above include the following priority activities: crop production, production of pharmaceuticals, food and beverages, paper and paper products, electrical equipment, computers, vehicles, activities in the field of information technology, telecommunications, long-distance and international passenger transport, construction and Facility construction, oil and gas production, exploration drilling, a total of 47 items. Russia will also simplify the import of electronic equipment, including computers, tablets, laptops, smartphones, microchips and walkie-talkies.
In addition, in March this year, the Council of the Eurasian Economic Commission decided to exempt food and goods used in its production for 6 months from import duties, including animal and dairy products, vegetables, sunflower seeds, fruit juice, sugar, cocoa powder, amino acids, Starch, enzymes and other foods. Goods exempt from import duties for six months also include: products related to the production and sale of food; raw materials for the production of pharmaceutical, metallurgical and electronic products; products used in the development of digital technologies; products used in light industrial production, and used in construction and transportation products of the industry. The members of the Eurasian Economic Commission (Eurasian Economic Union) include Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia.
In March, the EU decided to exclude seven Russian banks from SWIFT, including Russia’s second largest bank VTB Bank (VTB Bank); Russian Bank (Rossiya Bank); Russian state-owned Development Bank (VEB, Vnesheconombank); Bank Otkritie; Novikombank; Promsvyazbank ; Sovcombank. In May, the European Union again excluded Russia’s largest bank, the Federal Reserve Bank (Sberbank), and two other major banks from the global settlement system SWIFT. (focus horizon)
The U.S. extends the validity period of additional tariff exclusions for some medical protection products
On May 27, local time, the Office of the United States Trade Representative (USTR) issued an announcement, deciding to extend the validity period of additional tariff exemptions for 81 Chinese medical protective products exported to the United States by another 6 months. USTR said that in December 2020, in response to the new crown pneumonia epidemic, it decided to extend the validity period of tariff exclusion for some medical protection products, and then extended the tariff exemption period for 81 of these products in November 2021 by 6 month to May 31, 2022.The 81 medical protection products include: disposable plastic filters, disposable electrocardiogram (ECG) electrodes, fingertip pulse oximeters, blood pressure monitors, MRI machines, spare parts for carbon dioxide detectors, otoscopes, anesthesia masks, X-ray examination table, X-ray tube housing and its parts, polyethylene film, sodium metal, powdered silicon monoxide, disposable gloves, rayon non-woven fabric, hand sanitizer pump bottle, plastic container for disinfecting wipes, retest Binocular optical microscope, compound optical microscope, transparent plastic face shields, disposable plastic sterile curtains and covers, disposable shoe covers and boot covers, cotton abdominal surgery sponges, disposable medical masks, protective equipment, etc. This exclusion is valid from June 1, 2022 to November 30, 2022. Relevant enterprises are requested to carefully check the tax numbers and commodity descriptions in the list, contact US customers in a timely manner, and make corresponding export arrangements.
Pakistan: Government decides to ban imports of all non-essential goods
Pakistani Information Minister Aurangzeb announced at a press conference on the 19th that the government has banned the import of all non-essential luxury goods. Aurangzeb said that Pakistani Prime Minister Shabazz Sharif is “trying to stabilize the economy” and in view of this, the government decided to ban the import of all non-essential luxury goods, importing vehicles is one of them.
Prohibited imports mainly include: automobiles, mobile phones, household appliances, fruits and dried fruits (except Afghanistan), pottery, personal weapons and ammunition, shoes, lighting equipment (except energy-saving equipment), headphones and speakers, sauces, doors and windows, travel bags and suitcases, sanitary ware, fish and frozen fish, carpets (except Afghanistan), preserved fruit, tissue paper, furniture, shampoos, sweets, luxury mattresses and sleeping bags, jams and jellies, corn flakes, cosmetics, heaters and blowers, sunglasses , kitchen utensils, soft drinks, frozen meat, juice, ice cream, cigarettes, shaving supplies, luxury leather clothing, musical instruments, hair dryers, chocolates and more.
India cuts import tax on coking coal, coke
According to the Financial Associated Press, the Ministry of Finance of India reported on May 21 that in order to ease the high level of inflation in India, the Indian government issued a policy to adjust import and export tariffs on steel raw materials and products on May 22. Including reducing the import tax rate of coking coal and coke from 2.5% and 5% to zero tariff.
Allows duty-free import of 2 million tons/year of soybean crude oil and sunflower oil within two years According to Jiemian News, India’s Ministry of Finance said that India has exempted the import of 2 million tons of soybean crude oil and sunflower oil per year for two years. The decision came into effect on May 25 and is valid for two years until March 31, 2024.
India restricts sugar exports for five months from June
According to the Economic Information Daily, the Indian Ministry of Consumer Affairs, Food and Public Distribution issued a statement on the 25th saying that in order to ensure domestic supply and stabilize prices, Indian authorities will supervise the export of edible sugar for the current marketing year (until September), and export sugar to Limited to 10 million tons. The measure will be implemented from June 1 to October 31, 2022, and relevant exporters must obtain an export license from the Ministry of Food to engage in sugar export trade.
Ban on wheat exports
According to Hexun News, the Indian government said in a notice on the evening of the 13th that India has banned wheat exports with immediate effect. India, the world’s second-largest wheat producer, is trying to stabilize local prices. The Indian government said it would allow wheat shipments to be made using letters of credit that have already been issued. Wheat exports from the Black Sea region have fallen sharply since the Russian-Ukrainian conflict in February, with global buyers pinning their hopes on India for supplies.
Pakistan: Complete ban on sugar exports
Pakistani Prime Minister Shabazz Sharif announced a total ban on sugar exports on the 9th to stabilize prices and control the phenomenon of commodity hoarding。
Myanmar: Suspend the export of peanuts and sesame
According to the Economic and Commercial Office of the Chinese Embassy in Myanmar, the Trade Department of the Ministry of Commerce of Myanmar issued an announcement a few days ago that in order to ensure the supply of Myanmar’s domestic market, the export of peanuts and sesame seeds has been suspended. Except for black sesame, the export of peanuts, sesame and other various oil crops through border trade ports is suspended. The relevant regulations will take effect from May 9。
Afghanistan: Banned wheat exports
According to the Financial Associated Press, the acting Finance Minister of Afghanistan’s Interim Government, Hidayatullah Badri, on the 19th local time, ordered all customs offices to ban wheat exports to meet the needs of its domestic people.
Kuwait: Ban on some food exports
According to the Commercial Office of the Chinese Embassy in Kuwait, the Kuwait Times reported on the 19th that as food prices soared around the world, the General Administration of Customs of Kuwait has issued an order to all border posts to prohibit vehicles carrying frozen chicken, vegetable oil and meat from leaving Kuwait .
Ukraine: Export restrictions on buckwheat, rice and oats
On May 7, local time, Ukrainian Deputy Minister of Agricultural Policy and Food Vysotsky said that during the wartime state, export restrictions will be imposed on buckwheat, rice and oats to avoid domestic shortages of these products. It is reported that Ukraine will extend the wartime state of Ukraine for another 30 days from 5:30 on April 25.
Cameroon is easing the shortage of consumer goods by suspending exports
According to the Economic and Commercial Office of the Chinese Embassy in Cameroon, the “Invest in Cameroon” website reported that Cameroon’s Commerce Minister sent a letter to the head of the Eastern Region on April 22, asking him to take immediate measures to suspend the export of cement, refined oil, flour, rice and locally produced grains , to alleviate the shortage of goods in the domestic market. The Cameroonian Ministry of Commerce plans to suspend trade with the Central African Republic with the assistance of the Eastern Region and with Equatorial Guinea and Gabon with the support of the Southern Region.
Post time: Jul-05-2022