1.Global container shipping prices continue to soar
Drewry Shipping Consultants' data shows that global container freight rates are continuing to rise for the eighth consecutive week, with the upward momentum accelerating further in the past week. The latest data released on Thursday indicates that, driven by strong increases in freight rates on all major routes from China to the United States and the European Union, the Drewry World Container Index rose by 6.6% compared to the previous week, reaching 5,117perFEU(40−HQ),thehighestlevelsinceAugust2022,andanincreaseof2336,867 per FEU.
2.The U.S. Requires Comprehensive Declaration for Imported Wooden Furniture and Timber
Recently, the Animal and Plant Health Inspection Service (APHIS) of the U.S. Department of Agriculture announced the official implementation of Phase VII of the Lacey Act. The full implementation of Phase VII of the Lacey Act not only signifies an increased regulatory effort by the U.S. on imported plant products but also means that all wooden furniture and timber imported into the United States, whether for furniture manufacturing, construction, or other purposes, must be declared.
It is reported that this update expands the scope to a broader range of plant products, including wooden furniture and timber, requiring all imported products to be declared unless they are entirely made of composite materials. The declaration content includes the scientific name of the plant, import value, quantity, and the name of the plant in the country of harvest, among other details.
3.Turkey Imposes a 40% Tariff on Vehicles from China
June 8th, Turkey announced Presidential Decree No. 8639, stipulating that an additional 40% import tariff will be levied on fuel and hybrid passenger cars originating from China, under the customs code 8703, and will be implemented 30 days after the date of publication (July 7th). According to the regulations published in the announcement, the minimum tariff per vehicle is $7,000 (approximately 50,000 RMB). As a result, all passenger cars exported from China to Turkey are within the scope of the additional tax.
In March 2023, Turkey imposed an additional 40% surcharge on the tariffs of electric vehicles imported from China, raising the tariff to 50%. In November 2023, Turkey took further action against Chinese automobiles, implementing import "licensing" and other restrictive measures on Chinese electric vehicles.
It is reported that some Chinese electric vehicles are still stranded at Turkish customs due to the import license for electric passenger cars implemented in November last year, unable to clear customs, causing losses to Chinese export enterprises.
4.Thailand to Impose Value-Added Tax (VAT) on Imported Goods Below 1500 Baht
On June 24, it was reported that Thai finance officials recently announced that the Finance Minister has signed a decree approving the imposition of a 7% value-added tax (VAT) on imported goods with a sale price not exceeding 1500 baht, starting from July 5, 2024. Currently, Thailand exempts these goods from VAT. The decree states that from July 5, 2024, to December 31, 2024, the fee will be collected by customs, and then taken over by the tax department. The cabinet had already approved the plan in principle on June 4, with the aim of preventing a flood of cheap imported goods, especially from China, into the domestic market.
Post time: Jul-08-2024
