Due to the increases in export taxes for primary iron and steel products, the appreciation of RMB and the inflation in Vietnam and so on, Yunnan Province exported 50,000 tons of iron ores during the first five months of 2008, with an export value of 36.90 million Yuan, down 88.2% and 80.6% respectively from those (425,000 tons and US$ 190) of the same period in 2007.
According to an official from Customs of Yunan Province, in early 2008, the national government implemented export taxes for 113 iron and steel products out of the 203, including billet (25%), ferroalloy (20%), and wire rod and deformed steel bar (15%), which are the main products for export in Yunnan. Therefore, the export volume of iron and steel products from Yunnan Province had a considerable decline in the first five months. From Jan to May of 2008, the main exported iron and steel products from Yunnan include wire, deformed steel bar and ferroalloy, which took a share of 90%, but the volume and value decreased by 56.8% and 28.7% from those of the same period in 2007.