Nanning companies enjoy import tariff reductions of 18m yuan in Q1

Yongzhou Customs in Guangxi Zhuang autonomous region issued a total of 1,817 certificates of origin (C/O) for cargo worth 614 million yuan ($95 million) in the first quarter of 2021, Nanning Daily reported on May 24. 

Of the certificates, 1,123 are preferential C/Os and nearly 60 percent of them are between China and ASEAN. Nanning companies have benefited a lot from these C/Os, receiving a total import tariff reduction of around 18.45 million yuan. 

The certificates were issued for exports to 70 countries, and 44 of them - accounting for 62.86 percent of the total - are countries along the Belt and Road, such as Vietnam, Thailand, Chile and Indonesia.

Products enjoying the preferential tariffs were primarily aluminum products, wood products, chemicals, and steel, as well as other miscellaneous products.

The C/O is a document declaring in which country a product was manufactured and is the legal document required for imported or exported cargo to enjoy tariff concessions.