Ministry of Commerce Increase the Quota on Finished Oil in Processing Trade
[2009-10-12 10:27:08]
According to the news released by the Ministry of Commerce, the export quota of finished oil in processing trade from two groups in 2009 reaches 9 million tons, up 23.29 percent year-on-year, which will accelerate the export growth of finished oil and revive the burden in domestic market, said the insider.
Processing trade refers that importing raw materials with preferential tariff rate and further processing to product with higher added value and re-export in the way of processing trade. Since the break out of financial crisis, the profit of global oil refining face much pressure which made many mills in America and Japan cut production and through importing finished oil to meet their domestic demand.
Processing trade refers that importing raw materials with preferential tariff rate and further processing to product with higher added value and re-export in the way of processing trade. Since the break out of financial crisis, the profit of global oil refining face much pressure which made many mills in America and Japan cut production and through importing finished oil to meet their domestic demand.
Source: ETCN
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