Brazil Increases Import Tariffs On Chinese Toys
On the morning of December 29th, according to foreign media reports, Brazil increased imports of Chinese toys. tariff To help Brazil manufacturers who have been hit, because in the past two years, Lille has appreciated by 37% against the renminbi in Brazil.
Brazil
foreign trade
The Foreign Trade Chamber said yesterday that tariffs on 14 Chinese toys will increase from 20% to 35%, until the end of 2011.
These toys include dolls, jigsaw puzzles, tricycles and electric trains.
The Foreign Trade Review Committee said that this is the request of Brazil toy manufacturers to help them "resist".
Imported
The growth situation.
90% of toys in Brazil come from China.
According to data from the Ministry of trade, higher tariffs will affect the total imports of products amounting to US $290 million in the first 11 months of this year.
According to a study released this month by the Brazil Development Bank, Brazil's imports of Chinese products increased by 37% to $21 billion 400 million in the 12 months ending August, and only 15 billion dollars in 2009.
Driven by the competitive exchange rate of the renminbi, the surge in China's imports threatens to replace Brazil's domestic manufacturing and has a "significant impact on Brazil's industrial development".
In the past two years, the appreciation of Brazil Lille to RMB 37% is the third largest currency that the Bloomberg tracker followed the Australian and South African Rand.
12 months without any capital, a long-term hint suggests that the renminbi will increase by 2.2% in a year.
According to the Brazil toy manufacturers association's estimate, Brazil's toy sales this year will reach 3 billion Lille (about 1 billion 800 million US dollars), of which 49% will be produced overseas.
According to the association, toys imported from Brazil accounted for 46.8% of the total sales in 2009.
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