As no doubt you know, 2016 was one of the toughest years for global fashion and retail. From political and economic instability to ever more demanding consumers and new technologies, it’s no wonder sales growth slowed to between 2–3 percent at the end of the year and profit margins had all but stagnated. According to McKinsey, the outlook for 2017 looks better, but who doesn’t want to kick off the new year with some good news.
GOOD NEWS – ChAFTA DUTY RATES REDUCED
As of 1 January 2017, duty rates for most tariff categories covered under the ChAFTA agreement were reduced.
For simplicity, we have summarised the tariff classifications as follows:
Magellan Logistics has been navigating global supply chains for Australian fashion, footwear, textiles and retail businesses for 20 years. We have your back on this and any other customs or freight-forwarding topic.