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The Export Rebate Rate of Blanched Peanuts Has Risen to 15%,and the Industry Is Expected to Pick Up

Pubtime:2014-01-20Author:Source: Hits:

General Administration of Customs has confirmed that the blanched peanuts are relegated to category of roasted peanuts, the export of which is 15%. Some insiders think that thanks to this policy, the peanut processing and export enterprises could enjoy 300 million RMB of export rebate. More importantly, when the policy is fully implemented, the dying peanut industry in Shandong that has no booming market from home and abroad since 2013 is respected to be brought back to life.

The export of peanut has slided by about 50% in the first half of 2013, and there are a lot of reasons. The major peanut suppliers like the US and Argentina have a clear advantage; the price of peanut in China is a bit higher; the global economy is continuously sluggish. This situation faced a relief in July, but compared with the same period of last year, the export has decreased by 18%.

According to statistics, the amount of export of peanut in Shandong is 120.4 thousand tons, which is up to 310 million USD. However, according to relevant  classification principles of the previous tax regulations, the blanched peanuts were categorized to the non-roasted peanut, with no export rebate.

In June 2013, the joint research group of General Administration of Customs, Ministry of Finance, Ministry of Commerce and State Administration of Taxation had a special research on the HS Code classification and export situation of blanched peanuts. On August 25th, General Administration of Customs issued an official notice that the blanched peanut categorized to roasted peanut with 15% of export rebate rate.