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China to reduce import tariffs on some goods including wood and paper products from January 1, 2023

[Dec 30, 2022]

China timber import

According to the news on the website of the Ministry of Finance of China on December 29, the Customs Tariff Commission of the State Council issued an announcement, according to the "Regulations of the People's Republic of China on Import and Export Tariffs" and related regulations, from January 1, 2023, the import and export tariffs of some commodities will be adjusted.

The "Announcement" pointed out that in order to enhance the linkage effect of the two resources in the domestic and international markets, from January 1, 2023, China will implement a provisional import tax rate lower than the most-favored-nation tax rate for 1,020 commodities. It is mentioned that import tariffs on some commodities such as wood and paper products will be reduced.

Wood is an important raw material for the furniture and building materials industry.
At present, China has become a major importer of timber. As a bulk commodity, changes in the price of timber are affected by various factors such as tariffs, shipping prices, and the prosperity of the real estate market. After the new policy of reducing import tariffs on some timber is officially implemented, the price of timber may tend to stabilize .