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200 billion US dollars plus tariff list, among thousands of textile products
200 billion US dollars plus tariff list, among thousands of textile products
On July 10th, the Trump administration announced that it would impose a 10% tariff list on about 200 billion US dollars of Chinese products, including seafood, fruits and vegetables, yarn, wool, raincoat jackets and so on. According to a statement issued by the Office of the US Trade Representative, the increase in tariffs may take effect after the public consultation on August 30th. According to preliminary understanding, there are thousands of textile products listed. The China National Textile and Apparel Council said that this is the biggest challenge for China's textile industry since the cancellation of textile and clothing quotas.
How many textile and apparel products are involved?
China Textile Import and Export Chamber of Commerce Statistics
According to the statistics of the China Chamber of Commerce for Import and Export of Textiles, the proposed tax collection list of the United States covers 6031 tax numbers, of which more than 1,000 textile and apparel products have a tax number, covering most textile raw materials, semi-finished products and a small number of clothing accessories, mainly including textiles. Raw materials (cotton, silk, wool, hemp, etc.); yarns and fabrics (cotton, wool, silk, hemp, chemical fiber, fiberglass, etc.); carpets; industrial textiles; leather and fur garments, hats and gloves, plastics Raincoats, etc. Commodities such as woven garments, knitwear and home textiles that have a large export volume to China are not included in the list.
For the whole year of 2017, China exported 45.64 billion US dollars of textiles, clothing and raw materials to the United States, a year-on-year increase of 1%, accounting for 10.6% of China's total exports of US goods. The United States is China's largest single country market for textile and garment exports, accounting for 16.9% of China's total textile and apparel exports. In 2017, China's exports of textiles, clothing and raw materials to the United States reached 35,000.
According to preliminary statistics, the tax list issued by the US involved China's exports of textiles and clothing to the United States of about 10.3 billion US dollars, accounting for 22.6% of China's exports of textiles and clothing and raw materials to the United States, involving about 20,000 export enterprises.
China Textile Industry Federation Statistics
According to the preliminary arrangement of the China National Textile and Apparel Council, about 927 textile products (about 4 billion US dollars in exports to the US) are listed in the list.
According to the statistics of OTEXA in the United States, the total exports of Chinese textiles and apparel to the United States in 2017 was US$38.74 billion. Among them, exports of clothing was 27.03 billion US dollars, and exports of textiles and finished products were 11.71 billion US dollars (including yarns of 220 million US dollars, fabrics of 1.84 billion US dollars, household textiles, industrial textiles and other manufactured goods of 9.64 billion US dollars). According to the preliminary arrangement of the China Textile International Trade Office, the products subject to the 10% tariff are more than 900 tax numbers according to the US standard. The coverage is very wide, involving almost all products of HS50-60. All yarns, fabrics/fabrics, as well as industrial textiles and a part of textile machinery products, including various raw materials (cotton, wool, silk, hemp and chemical fiber), involve an annual export value of approximately US$4 billion. This list does not include clothing products and most home textiles.
What is the export volume of the products involved?
For the contents of the list, "China Textile News" reporter from the China Textiles Import and Export Chamber of Commerce, "2017/2018 China Textile and Apparel Foreign Trade Report", inquired:
In 2017, China exported 2.35 billion US dollars of yarn fabrics to the United States, accounting for 3.5%, ranking seventh in the yarn fabric export market.
Overall, in 2017, China's yarn fabric exports totaled 66.64 billion US dollars, an increase of 4.7%, of which yarn exports were 4.738 million tons, export value of 11.7 billion US dollars; fabric exports 44.63 billion meters, exports of 54.94 billion US dollars.
China's exports of yarn fabrics to the EU reached 5.29 billion US dollars, an increase of 5%. Among them, the export yarn was 1.19 billion US dollars, up 3.9% year-on-year; the export fabric to the EU was 4.1 billion US dollars, up 5.4% year-on-year. The export of yarn fabrics to Japan was 790 million US dollars, of which yarn exports were 370 million US dollars and fabrics were 420 million US dollars.
As an emerging market, ASEAN is now the largest export area for yarn fabrics in China. In terms of country situation, among the top ten yarn fabric exports, ASEAN countries accounted for four, namely Vietnam (first), Philippines (fourth), Indonesia (fifth) and Cambodia (sixth). ). Among them, Vietnam is China's largest export market for yarn fabrics. In 2017, China's exports to Vietnam were US$8.75 billion, up 2.9%, of which yarn exports were US$860 million, up 16.1%, and fabric exports were US$7.89 billion. Among other ASEAN countries, the Philippines has the fastest growth in yarn exports, with exports of US$260 million, an increase of 86%. The fastest growth in fabric exports was in the Philippines, Cambodia, and Myanmar, with exports of US$2.94 billion, US$2.16 billion, and US$1.065 billion, respectively.
In addition, driven by national policies, exports to the sixteen countries of Central and Eastern Europe grew rapidly, with a total export of yarn fabrics of 1.19 billion US dollars, an increase of 23.7%. Among the eight South Asian countries, Bangladesh, Pakistan and India are important exporters of yarn fabrics in China. In 2017, China’s exports of yarn fabrics to Bangladesh reached US$5.14 billion, an increase of 8.3% year-on-year. The export of yarn fabrics to Pakistan and India was US$1,901 million and US$1,893 million, respectively. Among the five Central Asian countries, exports to Kazakhstan and Uzbekistan were eye-catching, with exports of yarns of $390 million and $290 million, respectively. Among the seven CIS countries, Belarus has the fastest growth rate. In 2017, the export volume was 36.918 million US dollars, an increase of 374.5%.
How do we respond?
The spokesperson of the Ministry of Commerce of the People's Republic of China said that the US announced that it would propose a tariff list for the US$200 million export to the US. It is completely unacceptable for the US to publish the tax collection list by accelerating the upgrade. We express our solemn protest. The behavior of the US is hurting China, hurting the world, and hurting itself. This irrational behavior is unpopular.
The Chinese side is shocked by the actions of the US. In order to safeguard the core interests of the country and the fundamental interests of the people, the Chinese government will, as always, have to make the necessary counter-measures. At the same time, we call on the international community to work together to safeguard the rules of free trade and the multilateral trading system and jointly oppose trade hegemonism. At the same time, we will immediately file an additional lawsuit against the US unilateralist behavior to the World Trade Organization.
Guan Tao, a senior researcher at the China Financial Forty Forum, believes that the US Trump administration’s plan to impose a 10% tariff on about $200 billion in Chinese products may bring some negative sentiment to the financial market in the short term, but in the long run The fundamentals of China's financial market development have not changed, and there is no need to overestimate its impact.
Ma Jun, director of the Center for Finance and Development Studies at Tsinghua University, said in an interview with Xinhua News Agency on the 11th that "the US side last night announced a list of recommended products that levied a 10% tariff on 200 billion US dollars of Chinese exports to the US, soliciting public opinions. The process will last for about two months, and the process will be completed on August 30. After that, the US will be able to take action. In the end, whether it will be taxed, which products will be levied, and there will be various uncertainties in the next two months. He believes that relevant parties in China are studying the impact of trade wars on relevant enterprises and industries in China, and will consider taking corresponding measures to reduce their negative impacts.