BIZCHINA> Impacts
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BIZCHINA> Impacts
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China exporters rush to beat rebate cuts
(Reuters)
Updated: 2007-06-27 10:06 Pan Yukang, general manager with Combine International Logistics Co. Ltd. inShanghai, agreed that there were not enough ships to meet the surge in demand touched off by the latest reduction in rebates. "Charges have tripled on Middle East lines and at least doubled on India and Pakistan, but you still have to wait even if you're willing to pay the price," said Pan. "There are price quotes on some lines but no actual services because all the ships are booked," he added. NO ABRUPT DROP Demand is so strong that some shipping firms are planning to increase charges even after the rebates are reduced on July 1. An executive with a Shanghai-based firm, who declined to be named, said her company's price for shipping a container to the Caribbean had risen $300 since June 15, when it stood at $1,750. The firm also planned to increase the cost of sending a container to Europe by $300 to $1,500 starting from July 1. Charges on some other lines will go up on Aug. 1, she said. A manager with Sunco Logistics Ltd. in Shenzhen, a boomtown neighbouringHong Kong, said the exporting frenzy might not drop off immediately. "The July schedule looks busy," said the manager, who gave his last name as Chen. China started to reduce tax rebates in 2004. It has also taxed the export of some energy-intensive, polluting products. (For more biz stories, please visit Industries)
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