China to Remove Import Tax in 2020

China to Remove Import Tax in 2020

Monday 23rd of December 2019

China to Remove Import Tax in 2020

Exporters in Maldives will be extremely benefited by the reduction or removal of tariff on a number of products, starting from January 2020. This reduces the cost of importing good from Maldives into China, increasing demand for our products.

Maldives exports to China is the 28th greatest contributor to the current account BOP of Maldives with an amount of $270.76K in 2018. Exports included fish, crustaceans, mollusks and aquatics invertebrates. In 2018, most exports were to Thailand with $65.89 million and Germany with $23.09 million. However, Maldives recorded a Current Account deficit of 1338.10 USD Million in 2018. This action by China is expected to improve this year’s balance of trade.