Recently, many countries have announced tariff adjustments on imported goods, which will have a certain impact on foreign traders.
Australia will eliminate import duties on nearly 500 items
The Australian government announced a major decision on March 11 to remove import duties on nearly 500 items from July 1 this year. This initiative has a wide range of impacts, covering daily necessities such as washing machines, refrigerators, dishwashers, clothing, sanitary napkins, and bamboo chopsticks. Australia's finance minister, Chalmers, said the tariff adjustments would account for 14 percent of the total tariff amount, the country's largest unilateral tariff reform in nearly 20 years. A detailed list of products will be announced when the Australian Budget is announced on 14 May.
Azerbaijan adjusts import tariffs on some products
According to the Azerbaijan "Trend" network, a few days ago, the Prime Minister's Office of Azerbaijan issued a notice on revising the list of import and export products and the import tariff rate of some products. Under the new regulations, import duties on beef, chicken, chicken, butter, mixed butter, whey oil, fresh and frozen tomatoes, cucumbers and gherkins, table grapes, apples, pears, some orange and other citrus juices, fruit juices, vegetable juice drinks, some energy drinks, industrial tobacco, unprocessed tobacco fills, milk paste and other products will be exempted from import duties for another two years. At the same time, import duty rates on almonds, dates, shallots and onions, peeled and washed hazelnuts, gypsum, anhydrous gypsum and some ceramic products will be adjusted to 15%.
Cuba has adjusted import tariffs on some products
According to the Cuban Debate Network, the Ministry of Finance and Prices recently published Resolution No. 7 of 2024 in the Official Gazette of Cuba, deciding to reduce import tariff rates for raw materials and intermediate goods used in production by 50% from January 25, especially those used in agricultural production.
At the same time, the Ministry of Finance and Prices of Cuba and the Ministry of Foreign Trade and Foreign Investment of Cuba jointly issued Joint Resolution No. 1 of 2024 to increase import tariffs on cigars, cigarettes and alcoholic beverages containing rum to 30% from January 25. The MFN tariff rate for related products will also be increased to 15%.
The Bangladesh government is studying a reduction in export duty rates on leather goods
According to the Business Standard, the Bangladeshi government is currently considering adjusting the policy of adjusting the export tax on leather goods, planning to reduce the export tax from the current 1% to 0.5%. This initiative aims to enhance the international competitiveness of the leather industry in Bangladesh. Sultan, the former president of the Bangladesh Leather Products Exporters Association, said that the government's reduction in export subsidies has led to the leather industry not being able to enjoy any preferential policies, which in turn has put the industry in a difficult situation. Therefore, if the export tax is halved, it will bring new development opportunities for the leather industry in Bangladesh.
South Africa's solar imports grew significantly in 2023
Economist Geller Montmarthen-Claire released data saying that South African households will triple their spending on solar imports in 2023, with about 5,000 megawatts of solar panels entering the South African market, according to a report by South Africa's business technology website on February 27. Montmathen-Clare noted that South Africa's total solar imports reached R17.5 billion in 2023, well above R5.6 billion in 2022, with China being the main source of imports. The scale of solar expansion has already led to a drop of about 2,200 megawatts in utility electricity demand and could permanently reduce electricity demand by about 1,500 megawatts.
Separately, South Africa's energy regulator (Nersa) also said that in the fourth quarter of 2023, 124 new solar projects were registered in South Africa, equivalent to 605 megawatts of new electricity, with a total investment of nearly R8 billion. This trend shows that South Africa's solar industry is in a phase of rapid growth, injecting new vitality into the country's energy transition and sustainable development.
Foreign traders can adjust their business in a timely manner according to their own products and industries, according to the import tariff policy, and seize new opportunities.