China to suspend tariff relief on 12 Taiwanese petrochemical products
China to suspend tariff relief on 12 Taiwanese petrochemical products
2023-12-21
China has announced it will suspend tariff relief for 12 Taiwanese petrochemical products, starting Jan. 1, 2024. The products, which include propene and butadiene, currently have reduced tariffs under the Economic Cooperation Framework Agreement. Trade analyst Hsieh Chin-ho says that last year, Taiwan’s exports to China under ECFA accounted for just US$20.5 billion worth or about 11% of the total. As such, the suspension will not have a big impact, he says. The same sentiment is shared by economics minister Wang Mei-hua. Let’s hear from her and Hsieh.
Wang Mei-hua
Economics minister
It is very clearly economic coercion. The impact will be rather limited. Previously, more than 40% of our exports went to China. But this year until November, our share of exports to China fell to 35%.
Hsieh Chin-ho
Trade analyst
Let’s look at textile exports to China. Last year we exported about US$556 million-worth. On the petrochemical sector, that was about US$6.43 billion-worth. They both decreased by more than 30%. The 12 kinds of products affected will mostly impact the Formosa Plastics Group.
The impact on Formosa Petrochemical, a subsidiary of Formosa Plastics Group, will be rather limited, as the company has two plants in China, producing about 160,000 to 200,000 tons of propene every month. The firm has also built a propane dehydrogenation plant in the Chinese city of Ningbo, which has already started trial operations. Formosa Chemicals and Fibre Corporation Chair Hong Fu-yuan says his company had long had a strategy laid out to minimize impact in case China changed its policies on Taiwan imports.
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中國取消12項ECFA關稅減讓 謝金河:影響不大
2023-12-21
中國突襲式宣布，明年元旦起終止對台部分ECFA產品關稅減免，包含 丙烯、丁二烯等12品項，直接衝擊石化產業。財經專家謝金河認為，去年ECFA相關出口到中國約205億美元、僅佔11%，影響真的不大。經濟部長王美花也說，影響有限。
[[經濟部長 王美花]]
“非常明顯就是一個經濟脅迫，目前影響是有限的。我們對中國出口原來大概都四成以上，但今年到11月，我們對中國出口已降到35%。”
[[財經專家 謝金河]]
現在的紡織業出口到中國，去年剩5億5600萬美元，石化業大概剩64.3億美元，衰退幅度都超過30%以上。這次12項產品直接首當其衝，就是對著台塑而來。
以台塑化來說，中國兩間工廠，丙烯月產量約16到20萬噸，好在寧波廠已經蓋丙烷脫氫廠、進入試車階段，影響不大。台化董座洪福源也說，台化早就料到中國關稅減讓會變，提前想出對策、減輕影響。
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