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Ministry further restricts luxury imports
The Ministry of Industry and Trade will further restrict the import of luxury goods this year in a move to keep the trade deficit at roughly $13 billion.
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| A man shops for a Kawasaki motorcycle. Motorbikes are one of the imports which will be restricted this year |
Products subject to import restriction will include consumer goods, motorbikes, and vehicles with fewer than nine seats. The ministry has said it will try to limit these types of goods to 5.4 per cent of the country's total import value, roughly $6.6 billion.
Imports of precious stones and iron, as well as components of cars and motorbikes will also be kept under 5.5 per cent ($8.7 billion).
The ministry said it would create favourable conditions for the importation of materials and parts to be used in local production. It estimated the imports would cost roughly $100 billion, up 14 per cent over last year.
However, the ministry promised it would work with other relevant ministries to improve current regulations and issue more incentives to encourage investment in local substitutes.
It would also ask relevant ministries and agencies to restrict investment in non-production sectors. State-owned groups, corporations and companies will be required to establish local production lines in a timely manner.
The ministry plans to speed development of areas dedicated to the processing of petroleum, coal, feed, fertiliser, chemicals, plastics, textiles, accessories, footwear and steel, which are currently all products with high import values.
The country this year is expected to spend roughly $121.8 billion on imports, up 15.2 per cent over last year.
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