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CHINESE candle exporters will be hit with extra charges when selling in Europe.
The European Union imposed antidumping charges for six months from Saturday. The EU said Chinese candles sell for about 9 percent less and make up about a third of the European market.
The EU antidumping charges will last for six months while the trade investigation continues. Next year, officials will recommend whether the charges should stay in place for up to five years. The fees imposed by the EU vary from zero for one exporter to 66 percent of the value of the candle for those who did not respond to an EU investigation.
Retailers, already hit by the economic downturn, say it will increase the price they pay for candles in the busy shopping season.
Retailers such as Ikea and the British Retail Consortium ?? which represents supermarket chains Tesco and Marks & Spencer ?? said the EU was wrong to claim that stores could easily absorb the price hikes. It said retailers would have to slice profit from other items to compensate.
The EU claims large chain stores make a profit of up to 70 percent on candles but the BRC said they can make as little as a 6-percent profit.
"This is particularly shocking as this new tax is imposed before Christmas, at a time when consumers have never been so short for disposable incomes," said Alasdair Gray of the BRC.
Go News Center Added by: jessie Add time: 2009/12/23 13:44:56 view >>
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