China lowers import tariffs on PX, PTA, PET

16-Feb-05

As part of a broader initiative by China since 2002 to reduce duties for most of its petrochemical products, according to China's WTO agreements, China has lowered its import tariffs for 2005 for paraxylene, purified terephthalic acid and polyethylene terephthalate as follows: Duty on PTA was reduced by 0.5% from 2004's rate to 6.5% Duty on for PET and PX was down by 1% to 9.7% and 2% respectively. The percentage point cuts would lower import prices by about US$5-10/mt, with value added tax and exchange rates unchanged. But duties for MEG were left unchanged from 2004 at 5.5% respectively.