The reporter recently learned from the China Furniture Association that the on-site verification by the US Department of Commerce's investigation team on major companies in the Chinese furniture anti-dumping case has ended. According to the preliminary feedback received by the association from relevant companies, the survey results are more optimistic.
The US anti-dumping on-site verification has ended
The US has adjusted the anti-dumping tax rate of some enterprises according to the verification situation. More than 20 of the companies that were denied an average tariff in the preliminary ruling received an average tax rate. The seven companies with separate tax rates have increased or decreased, and some companies have adjusted from about 19% to more than 30%. The staff of the association said that the final news was subject to the notice of the Ministry of Commerce, but the association was satisfied with the results of the survey.
However, this result is still not the final end of the Sino-US furniture anti-dumping case. According to the procedure, the final result of the anti-dumping investigation will be finalized by the US Department of Commerce on November 5 and the US National Trade Commission on December 20. What is the final result, the relevant person of the China Furniture Association said that it is unpredictable. However, industry experts said that with reference to past anti-dumping cases such as China's color TVs, it is unlikely that the final ruling will be substantially adjusted.
Anti-dumping affects Yihua Wood
The anti-dumping case against US wooden bedding, which began in October last year, has intensified in the near future. Recently, Yihua Wood fell below the issue price on the first day of listing, partly because one of the company's main products, solid wood bedroom furniture, was affected by the recent Sino-US furniture anti-dumping case, which affected the export prospects of the United States.
However, according to the reporter's interview situation, several furniture industry listed companies, including Yihua Wood, have shown little practical impact on the Sino-US anti-dumping lawsuits. This may also be one of the reasons why the anti-dumping of furniture did not cause such a big discussion in the first half of the year when China’s color TVs encountered US anti-dumping lawsuits.
It is understood that in the preliminary ruling made by the US Department of Commerce, seven Chinese companies that accounted for the bulk of their exports to the US were given separate tax rates, including Tianjin Meike, a related company of the listed company. Among the responding companies, 82 countries received an average import tariff rate of 10.92% (including Yihua Wood, *ST Guangming), and another 36 were rejected by the US. Other unreported Chinese companies imposed a punitive tariff of 198.08%.
A staff member of the China Furniture Association said that in terms of the average gross profit margin of the furniture industry, the average tariff of 10.92% does not pose a fatal threat to powerful enterprises, and there is still room for profit. The ability of enterprises to withstand anti-dumping tax rates depends on their respective circumstances, but if they exceed 30%, they will basically lose their competitive advantage in exporting to the United States.
Several listed companies in the furniture industry have received average tax rates in the preliminary ruling, and Meike’s individual tax rate is even below average. However, Yihua Wood products are mainly exported. The company's products in 2003 were as high as 96.14%, and the sales of US products were 450 million yuan, of which bedroom furniture accounted for half. The impact of anti-dumping lawsuits on the company was not significant.
This campaign has a huge impact
The anti-dumping case against Chinese and American furniture involved more than 1 billion U.S. dollars in trade and 135 companies prosecuted for dumping. This is the largest amount of anti-dumping case that has been encountered since China’s accession to the WTO. Recently, it was reported that some furniture manufacturers in Canada have filed anti-dumping applications against Chinese furniture, requesting anti-dumping investigations on Chinese wooden bedroom furniture and even leather and iron furniture. Although the Canadian Ministry of Commerce has not yet approved the case, the passive situation of the Chinese furniture industry is evident.
The staff of the China Furniture Association said that domestic furniture companies responded positively to the first time after the US launched an anti-dumping investigation, and cooperated with the US investigation and achieved certain results. The tax rate for the preliminary ruling of the wooden bedroom furniture was nearly half that of the 21.49% of the previous anti-dumping cases in the color TV industry. On July 20, led by the Ministry of Commerce, the association and the US delegation held a dialogue on the economic status of the Chinese furniture market. The US side indicated that there will be a reply on this issue. The association and domestic furniture companies will continue to strive for more favorable and fair results in the final ruling of the US Department of Commerce and the Trade Commission for some time.
However, some experts believe that the US ruling on the status of the market economy is based on the consideration of economic and political interests, and it is unlikely that Chinese furniture will be recognized by the US market economy.
Jin Bosong of the Institute of Commerce said that in the face of anti-dumping, Chinese companies must, in addition to actively responding to the lawsuit, grasp the rules of the international market. Faced with a more open market environment after joining the WTO, Chinese companies should spend their time investigating overseas markets to raise awareness of market economy rules and fair trade awareness.
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