Turkey Implements Customs Valuation on Imported Fastener Products

[2009-04-14]

According to message from Turky importers, Turkey government issued a new customs valuation regulation on March 25, which values fastener products from the global markets as 3500 USD per ton. Based on this new regulation, import customs clearance of fastener products are required to pay tariff and VAT on the basis of evaluation no matter how much the import invoice is.

Based on the customs statistics, China exported about 48 million kilograms of fastener products to Turkey in 2008, valued about 70 million USD, and about 1500 USD per ton. And Jiaxing exported about 16 million kilograms, valued about 23.26 million USD, and about 1500 USD per ton. According to statistics from Turkey, the total imports from China were about 120 million USD (CIF price perhaps), with the average price of about 2500 USD per ton. Fasteners from China accounted for about 50% of Turkey's total imports. After preliminary calculations, once the new customs valuation is implemented, fasteners from China will be imposed tariff of less than 20%.
Source: China Fastener Info
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