Exporters regret European anti-dumping duties

Source: Xinhua  |   2008-11-10  |     NEWSPAPER EDITION

CHINESE exporters yesterday expressed their deep regret at a European Commission's decision to propose anti-dumping duties up to 87 percent on Chinese-made screws and bolts.

"The decision is fundamentally flawed because the European Commission's own analysis indicates that European manufacturers of these products have not suffered any damage as a result of increased imports of screws and bolts from China," said the Jiaxing Association of Fastener Import and Export Companies, a Chinese exporters lobby.

The association said according to the Commission's analysis, the profitability of the European manufacturers increased 110 percent between 2003 and last year. Similar improved trends were shown for the European manufacturers' production levels, sales volumes and value as well as return on investment. Even employment in the European industry rose 12 percent.

"No matter how hard we look at the European Commission's analysis, we can not see how Chinese exports of fasteners have hurt European manufacturers in any way," said Zhang Feng, deputy secretary of the association. "They are making better profits than Chinese companies."

The newly appointed European Union Trade Commissioner Catherine Ashton is due to propose anti-dumping duties on Chinese fasteners of between 63 and 87 percent over the next five years later this month.