U.S. slashes anti-dumping duties on Viet Nam's honey by sevenfold
VGP - The U.S. Department of Commerce (DOC) has slashed anti-dumping duties on Viet Nam's honey exporters by almost sevenfold, the Ministry of Trade and Industry said Tuesday.
Accordingly, the anti-dumping duties on Vietnamese honey were cut down to 58.74 - 61.27 percent from 410,93% - 413,99% percent, according to the DOC's latest conclusions on tax rates in the anti-dumping investigation against honey imported from Argentina, Brazil, India and, Viet Nam.
In May last year, the DOC announced the initiation of anti-dumping duty investigations of raw honey from Argentina, Brazil, India, Ukraine, and Viet Nam.
Seven months later, the DOC decided to impose an anti-dumping tariff of up to 412.49 per cent against imported Vietnamese raw honey products.
Each year, the U.S. beekeeping industry produces less than 100,000 tons, so it has to import more than 200,000 tons from other countries. And Vietnamese honey accounts for about a quarter of the market share of imported honey in the U.S.
According to U.S. customs statistics, Viet Nam's honey export turnover to the U.S. market in 2020 reached 50,700 tons, or approximately 25.8 percent of the country's total honey imports.
In the first 9 months of 2021, Viet Nam's honey export reached US$83 million, an increase of more than 65 percent over the same period of 2020. The country's total honey production reached about 57,000 tons per year.
The U.S. is holding the largest market share (90 percent) of Viet Nam's total honey volume, followed by the EU and Asia./.
