Hunan's imported, exported goods benefit from RCEP agreement
2022-11-20
Hunan Province saw significant foreign trade growth since RCEP went into force on Jan 1 this year. According to the data released by the Changsha Customs on November 17, foreign trade between Hunan and RCEP members increased 28.7% year on year to 181.48 billion yuan during the January-October period. RCEP agreement has benefited Hunan province, involving 809 million yuan of imported and exported goods. In addition, tariffs totalling about 11.61 million yuan have been reduced.
In the first ten months, the Changsha Customs issued 1,317 RCEP certificates of origin worth of 750 million yuan. The exported goods were shoes, boots, metal, and chemical products. The customs handled 75 import declarations under RCEP agreement, with a value of 52 million yuan. The imported goods were rubber, resin, engine, and auto parts.
The RCEP agreement helped boost the export of Hunan featured products. Thanks to the agreement, tax rate of orange cans exported by Hunan Fruitops Food Co., Ltd. to Japan dropped from 16.8% to 14.88%. The company has exported 1,852 tons of orange cans to Japan this year. Hengyang Camellia Trading Co., Ltd has exported 18.7 tons of tea oil this year, enjoying about 40,000 yuan of RCEP tariff reductions.
From January to October, the Changsha Customs handled 36,200 certificates of origin worth of 20.934 billion yuan, an increase of 6.9% and 31.1% year on year respectively. This helped Hunan's exported products enjoy 774 million yuan of tariff reductions in destination countries.
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