Thailand's steel & aluminum exporters to face new tariffs from CBAM
Time:Fri, 26 May 2023 05:34:43 +0800
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EU's introduction of the Carbon Border Adjustment Mechanism (CBAM) on October 1 will be a new levy for Thailand's exporters of steel and aluminum.
Last year, Thailand's steel exports to the EU were valued at US$201 million, and aluminum exports were valued at US$111 million, accounting for 0.7% and 0.4% of the total export value, respectively.
In the US market, Thailand's exported aluminum was worth US$884 million in 2022, occupying 1.5% of the total value.
According to the EU, during the transitional phase of CBAM, greenhouse gas emissions embedded in the imports should be reported by importers of steel, aluminum, cement, etc. without being subject to financial payments or adjustments.
The CBAM will take effect officially from January 1, 2026.
