China to reduce tariffs on wood products with effect from 1 Jan 2023

Image: Lucas Hoang/Unsplash

According to the Ministry of Finance of China, the Customs Tariff Commission of the State Council has issued an announcement that the imports and export tariffs of some commodities will be reduced with effect from 1 Jan 2023, including wood and paper products.

This is to accelerate the development of high-quality construction in China, and to promote the exchanges between domestic and international markets with regards to the construction industries.

China will implement a provisional import tax rate lower than the most-favoured-nation tax rate for 1,020 commodities. It was mentioned that import tariffs on some commodities such as wood and paper products will be reduced.

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 stabilise.

Source: Global Wood Trade Network