General Administration of Customs: clothing exports in the third quarter
On the morning of October 12, the General Administration of Customs held a press conference on the import and export of the first three quarters of 2018. At the meeting, Li Kuiwen, spokesperson of the General Administration of Customs, introduced the overall performance of domestic and foreign trade and the specific conditions of various industries and market sectors. He mentioned that in the first three quarters of 2018, China's seven major labor-intensive products such as clothing and toys exported 2.29 trillion yuan, down 0.8%, accounting for 19.3% of total exports.
In the same period of import data, the effect of reducing the import tariff policy of consumer goods gradually appeared in China, and the growth rate of some consumer goods was remarkable. The import value of cosmetics increased by 75.1%, especially in the performance.
In May and July of 2018, China has successively adjusted the VAT rate and import tariffs, especially on July 1, the domestic import tariff adjustment, which involves the consumption-intensive categories of clothing, shoes and skin care products. And most of the luxury brands that have been sold in China. After the adjustment of taxes and fees, many brands also lowered the price of the products, which in a certain sense also promoted the overall sales in the third quarter.