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Shipping Logistics | International Logistics | International Freight Forwarder | Guangzhou Freight Forwarder | Panyu Freight Forwarder | Hongde International "Levy 15%-200% Additional Tariff! This Middle East guo family restricts the import of a variety of goods! Attention to exporters
Apr 11,2023
In order to improve the structure of foreign exchange reserves and ease the shortage of US dollars, the Central Bank of Iraq said on February 22 that it would settle its import trade with China in RMB.
At the same time, Iraq has imposed restrictions on the import of some goods. Starting from June, Iraq will impose additional tariffs ranging from 15% to 200 per cent on a variety of imported goods, such as rolled yan, galvanized and non-galvanized metal pipes.
A few days ago, according to the Economic and Commercial Office of the Chinese Embassy in the Republic of Iraq, February 20,The Iraqi Cabinet Secretariat approved a list of additional import duties aimed at protecting producers within the country:
1. To impose an additional duty of 65 per cent on "epoxy resins and modern dyes" imported into Iraq from all countries and manufacturers for a period of four years, without relief, and to monitor the local market while imposing the additional duty.
2. To impose an additional duty of 65 per cent on laundry detergent imported into Iraq from all countries and manufacturers for the washing of colored, black and dark-colored clothes for a period of four years, without relief, and to monitor the local market during this period.
3. To impose an additional duty of 65 per cent on floor and clothing fresheners, fabric softeners, liquids and gels imported into Iraq from all countries and manufacturers for a period of four years, without reduction, and to monitor the local market during this period.
4. To impose an additional duty of 65 per cent on floor cleaners and dishwashing detergents imported into Iraq from all countries and manufacturers for a period of four years, without reduction, and to monitor the local market during this period.
5. to impose an additional duty of 100 per cent on rolls imported into iraq from all countries and manufacturers for a period of four years, without relief, and to monitor the local market during this period.
6. To impose an additional duty of 100 per cent on corrugated or plain cardboard in the form of boxes, trays, printed or unprinted partitions imported into Iraq from all countries and manufacturers for a period of four years, without relief, and to monitor the local market.
7. To impose an additional duty of 200 per cent on alcoholic beverages imported into Iraq from all countries and manufacturers for a period of four years, without relief, and to monitor the local market during this period.
8. To impose an additional duty of 20 per cent on plastic pipes and their fittings PPR & PPRC imported into Iraq from all countries and manufacturers for a period of four years, without relief, and to monitor the local market.
This Decision shall come into force 120 days after its promulgation.
The Cabinet Secretariat separately mentioned the imposition of an additional duty of 15 per cent on galvanized and non-galvanized metal pipes imported into Iraq from all countries and manufacturers for a period of four years, without relief, and the monitoring of the local market.
Full text of the notice:
http://iq.mofcom.gov.cn/article/jmxw/202303/20230303396314.shtml
It is noteworthy that on 4 March, the Iraqi Customs Authority had ordered all customs centres to ban all types of alcoholic beverages from entering the country. The new decree imposes a fine of 10 million to 25 million dinars (about 7700 to 19000 U.S. dollars) for violations.
It is understood that Iraq is the second largest oil producer in OPEC, and crude oil export revenue accounts for more than 90% of the country's fiscal revenue.
Like many countries, the central bank of Iraq opens an account at the New York Fed to store foreign exchange earnings such as oil exports, amounting to $103 billion, from which it withdrawals large amounts of dollar cash each month.
But in November last year, the New York Fed, in an effort to curb money laundering and the illegal flow of dollars to Iran and other heavily sanctioned Middle Eastern countries, began imposing tighter controls on inter-country dollar transactions by Iraqi commercial banks.
Since these procedures went into effect, 80 percent or more of Iraq's daily wire transfers of U.S. dollars have been blocked because of insufficient information or other errors about the destination of the funds, according to U.S. and Iraqi officials and official figures from the Iraqi government.
Iraq, which was already in deep economic crisis, was "stuck in the purse" again, leading to the continued devaluation of the country's currency against the dollar.
"Away from the dollar, Iraq allows yuan trade with China." the us-based middle east news website "Al-Monitor" reported on 23 February that the iraqi central bank said it would settle its import trade with china in renminbi.
On February 22, the Central Bank of Iraq issued a statement saying that it would allow trade from China to be settled directly in RMB. Iraq has prescribed two scenarios for preparing yuan transactions with China:
The first is to increase the RMB reserves through the RMB accounts opened by the Bank of China in China, and the second is to increase the dollar reserves of the Bank of China through the accounts of the Bank of Iraq in JPMorgan Chase and DBS Bank of Singapore, which are used to exchange RMB.
ministry of foreign affairs information shows that china guo is iraq's zui big trading partner, and iraq is china guo's di big three trading partner in a la la guo's home. China guo is one of Iraq di's major crude oil export targets guo, and Iraq is China guodi's three major crude oil import sources guo.
According to our guo customs data, Hongde Xiaobian concluded that in 2022, the bilateral trade volume between China and Iran exceeded US $53.7 billion, up about 44% from the trade volume in 2021 (US $37.3 billion). In 2022, China will import about 55.487 million tons of crude oil from Iraq.
Sources | Foreign Shipping, Economic and Commercial Office of China's guo Embassy in Iraq, China's guo Fund News, etc.
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