SunSirs: Multiple Types of Raw Paper Materials will Continue to Maintain Zero Import Tariffs in 2024

Recently, the State Council Tariff Commission issued a notice on the 2024 tariff adjustment plan. Starting from January 1, 2024, a provisional import tariff rate will be implemented for 1,010 goods (excluding tariff quota goods), with China's main imported corrugated paper and cardboard still maintaining the "zero tariff" implemented in 2023.

At present, the tariff codes 48051100, 48051900, and 48081000 on the table are the main types of corrugated paper imported by China, with 48051900 accounting for the largest proportion; Tax codes 48052400, 48052500, 48041100, etc. are the main types of cardboard imported into China, with 48052400 and 48052500 accounting for the largest proportion.

Since the implementation of the provisional import exchange rate in 2023, the enthusiasm of paper traders has significantly increased. From January to November 2023, China imported approximately 3.229 million tons of corrugated paper, an increase of approximately 1.03 million tons or 46.9% year-on-year; The quantity of imported cardboard in China is about 4.813 million tons, an increase of about 1.56 million tons or 48.1% year-on-year. The total amount of imported corrugated paper and cardboard increased by 2.59 million tons or 47.6% year-on-year in 2022, breaking a historical high.

There will be no changes in tariff policies in 2024, and importing paper may maintain a relatively high import volume. The impact on the domestic market will continue, and domestic paper mills will be affected in both raw material procurement and finished product sales. It is expected that the domestic packaging paper market will become more complex and volatile in 2024.

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