Indonesia has exempted fabrics made in Vietnam and India and synthetic yarn and curtains made in South Korea and Hong Kong from new import tariffs imposed on some textile products from May this year till November 2022, according to the country’s finance ministry. The move aims at protecting the domestic upstream industry from a recent surge in imports.
In 2019, the Indonesian government imposed temporary additional duties on imports of textiles and textile products up to 67.7 per cent, according to Vietnamese media reports.
Moody’s Investors Service had earlier warned that the US-China trade tensions could lead to an influx of Chinese yarn, fabrics and garments into Indonesia, potentially disrupting the stable levels of demand and supply in the country.
- Finance & Economy2023.03.18Here’s Everything You Need to Know About Smart Account
- Events Updates2023.02.27ABWA Students Showcase Their Artistic Talent And Dedication To Community Service Through Successful Fundraising Events
- Research&Technology2023.02.25hycuTEC the focus of many discussions at the FILTECH trade fair
- Market Reports2023.02.25Electric Vehicle Fluids Market worth USD 8,644 million by 2030