China says EU's shoe tariffs will hurt raw material suppliers

EU

„The tariffs will reduce European Union's shoe imports and hurt those European suppliers which have formed long-term partnership with Chinese shoemakers,” the Ministry of Commerce said in a statement on its Web site today. Chinese shoe manufacturers buy $600 million of raw materials from the EU each year, it said. The EU on October 4 imposed duties on €9.7 billion ($12.3 billion) of Chinese and Vietnamese footwear, accusing the two countries of selling shoes in Europe at unfairly low prices that harm its shoemakers. The levies, 16.5% for Chinese shoes and 10% for Vietnamese shipments, replace higher six-month duties that were phased in from April and end on October 7. The EU's actions are „shortsighted,” and constitute „trade protectionism,” the Chinese ministry said.

China said last week it may retaliate against the EU's decision, citing „legal shortcomings” in the process of setting the two-year tariffs. „The nation will reserve the right to take corresponding measures,” Chong Quan, a spokesman for the Ministry of Commerce in Beijing, said on October 5. He didn't say what measures are being considered. China supplied half of the 2.5 billion pairs of shoes sold in Europe last year. EU imports of Chinese leather shoes climbed more than fourfold between 2001 and the 12 months through March 2005, raising China's share of the European market to 9% from 2.2% according to the European Commission, the EU's executive arm. (Bloomberg)

ADVERTISEMENT

Business, consumer confidence improves - Századvég Analysis

Business, consumer confidence improves - Századvég

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.