Business

Brazil: Import duty on POY down to 2%

Indian polyester yarn exporters have something to cheer about. Brazil, India’s second largest export market for POY after Egypt, has brought down its import duties to 2% on six products, including polyester yarn, from the earlier 18%.

This tariff on partially oriented polyester yarn, subject to a quota of 40,000 tons, will remain applicable till January 17, 2014. The move will benefit many trade partners including India, China, Colombia, etc.

Brazil, in 2012-13, was India's second largest market for polyester POY. Exports to Brazil at US$ 48.95 million, registered a healthy growth of almost 32%, even as total POY exports during the year were down 28.42% to US$ 241.90 million.