Hit by MFN Tariffs, These Iron and Steel Imports Often Reap Abundant Profits

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Erlina Fury Santika 16/10/2023 20:52 WIB

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Iron and steel are commodities that will be subject to the Most Favored Nation (MFN) tariff. It turns out that both export and import shipments of this commodity are quite substantial.

Iron and Steel Export-Import Trends (2018-2023*)

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Hit by MFN Tariffs, These Iron and Steel Imports Often Reap Abundant Profits

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Iron and Steel Export-Import Trends (2018-2023*)

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The Central Statistics Agency (BPS) has recorded a significant trend in both exports and imports of iron and steel.

In July 2023, export volume reached 1.54 billion kilograms (kg), valued at US$2.21 billion or Rp34.71 trillion (assuming an exchange rate of Rp15,704 per US$).

Meanwhile, import volume reached 1.01 billion kg, valued at US$887.95 million or Rp13.94 trillion in July 2023. Import volume and value are still being calculated for this year, so the figures may increase.

Over the past six years, the highest recorded export and import volumes occurred in 2022, with exports reaching 1.36 billion kg and imports reaching 1.29 billion kg.

Despite the impressive weight of exports and imports, the import trend has actually slowed over the past two years (2022 to July 2023). Import volumes were significantly higher than exports from 2018 to 2021.

Iron and steel are among eight commodities that will be subject to the most favored nation (MFN) tariff for import duties and taxes.

According to *Katadata*, this decision is outlined in Minister of Finance Regulation (PMK) Number 96 of 2023 concerning Customs, Excise, and Tax Provisions on the Import and Export of Consignment Goods. This regulation will come into effect on October 17, 2023.

Director of Customs Technical at the Directorate General of Customs and Excise (DJBC), Fadjar Donny, explained that four commodities have been added to the MFN list. He stated that this aims to support the growth of domestic industries.

Previously, based on PMK Number 199 of 2023, only four commodities were subject to the MFN tariff: textiles and textile products (15%-25% import duty); footwear (25%-30% import duty); bags (15%-20% import duty); and books (0% import duty).

PMK 96/2023 adds four commodities: cosmetics (10%-15% duty); iron and steel (0%-20% duty); bicycles (25%-40% duty); and watches (10% duty).

"Because we see, based on trade transactions, that cosmetics are particularly high. We also see bicycles and watches, based on statistics, as high-volume commodities due to current consumer trends," Fadjar Donny explained the reason for adding these four items in Jakarta on Thursday, October 12, 2023.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Hit by MFN Tariffs, These Iron and Steel Imports Often Reap Abundant Profits

Hit by MFN Tariffs, These Iron and Steel Imports Often Reap Abundant Profits

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Hit by MFN Tariffs, These Iron and Steel Imports Often Reap Abundant Profits

Hit by MFN Tariffs, These Iron and Steel Imports Often Reap Abundant Profits

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