China may introduce import duties on sugar

25.04.2017

The China's Ministry of Commerce plans to impose additional duties on sugar imports into the country for a period of three years, reports Bloomberg

According to informed sources, a duty rate of 45% will be introduced in the first year, another 40% second year, and 35% in the third.

At the moment the country has a 50% duty on sugar imports beyond a certain quota.

China is the largest importer of sugar in the world, in 2016, the country imported 3.1 million tonnes, which is 37% less than in 2015. The main supplier of sugar in China is Brazil - it accounts for about 65% of foreign purchases.

According to Xinhu Futures analyst Zhao Kai, the increase in the import duties on sugar can cause an increase in the activity of smugglers, as the sugar in the domestic market is much more expensive than average prices.


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