Will the world finally face up to China ? Export to china is far more expensive duty wise than import from china. At some point this trade balance will need to be addressed. It is why I am short USD.
The BIC Group (Paris:BB) duly notes the decision taken recently by the European Union Commission not to renew the anti-dumping tax on lighters of Chinese origin.
The objective of this anti-dumping tax, set up in 1991, was not to protect the European lighter industry, but to put an end to unfair competition from lighters of Chinese origin. Its non-renewal justifies the actions of those who have been fraudulently circumventing the tax for more than 20 years, and will obviously favor Asian lighter importers who already hold more than 70% of the European market in volume1.
In Europe it is important to note.
- Chinese manufacturers pay only 2.7% custom duties when entering the European market while European manufacturers are subject to 25% custom duties when entering China.
BIC is a world leader in stationery, lighters, shavers and promotional products. For more than 60 years, BIC has honored the tradition of providing high-quality, affordable products to consumers everywhere. Through this unwavering dedication, BIC has become one of the most recognized brands in the world. BIC products are sold in more than 160 countries around the world. In 2011, BIC recorded net sales of 1,824.1 million euros. The Company is listed on "Euronext Paris" and is part of the SBF120 and CAC Mid 60 indexes. BIC is also part of the following SRI indexes: FTSE4Good Europe, ASPI Eurozone, Ethibel Excellence Europe, Gaia Index and Stoxx Global ESG Index.
1 : BIC estimates - total European pocket lighters market (flint and piezo)