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Tag Archives: Imports

Hong Kong discontinues oyster import from Namibia

5288167351_8ef7381e96_b

WINDHOEK: After the laboratory tests detected a high percentage of cadmium in oyster samples, the Centre for Food Safety of Hong Kong Administration has brought a standstill to the imports of live oysters from the port of Walvis Bay in Namibia. “The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (December 24) that, further ... Read More »

Indian traders seek increase in import duty to curb Chinese imports

industry

NEW DELHI: Indian industry wants to impose heavy taxes on the imports of the country especially on the Chinese imports that became danger for local manufactures, this policy help to boost local industry, the suggestions were made during Make in India workshop held by the government here the other day. Companies asked the government to increase duties within bound rates ... Read More »

Japan’s trade deficit stands at $8.5 billion in November on declining oil prices

japan trade deficit

TOKYO: Lower crude oil prices slightly decreased Japan’s imports and helped it return to recession but Japan logged a trade deficit in November, the 29th straight month of shortfalls. The 891.9 billion yen ($8.5 billion) deficit in November compared with a 737 billion yen gap the month before, customs data showed here the other day. However it was 32 percent ... Read More »

China trade balance for Nov remains $54.5b: Customs

trade data

BEIJING: China trade balance for November recorded at $54.5bn, imports into China remained much lower than expectations and exports not as strong as expected, Customs Agency said. China expects exports growth to face pressures at the end of 2014 and into early 2015 Fake invoicing at the end of 2013 was rife, which makes the base for measuring 2014 artificially ... Read More »

Trade deficit stretches to $8.81b as exports record 6.86% decline to $7.97b in 4 months

trade defict

KARACHI: Pakistan’s trade deficit has swelled by 49.37 per cent to $8.81 billion from July to October of the current fiscal year as this deficit was $5.90 billion in the corresponding period of previous financial year. As per the Pakistan Bureau of Statistics (PBS) report, exports of goods to the rest of the world fell to $7.97 billion in first ... Read More »

Trade deficit stretches to $8.81b as exports record 6.86% decline to $7.97b in 4 months

trade defict

KARACHI: Pakistan’s trade deficit has swelled by 49.37 per cent to $8.81 billion from July to October of the current fiscal year as this deficit was $5.90 billion in the corresponding period of previous financial year. As per the Pakistan Bureau of Statistics (PBS) report, exports of goods to the rest of the world fell to $7.97 billion in first ... Read More »

FPCCI delegation to meet Nawaz, Zardari, Imran

FPCCI

KARACHI: A delegation of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) will meet Prime Minister Nawaz Sharif, former president Asif Ali Zardari and PTI Chairman Imran Khan soon. According to a press release of FPCCI, the delegation would inform the political leadership about current economic situation in the country and will suggest a plan for increasing exports of ... Read More »

Transaction value of imports hard to verify: DG Customs Valuation Robina

valuation

KARACHI: The verification of transaction value of imports is hard to verify because due to a number of reasons like the origin, quality and business dealing between the parties, Director General of Customs Valuation Robina Ather said while talking to Customs Today. DG Robina Ather said that the Directorate’s primary role is to ensure that proper valuation of all imports ... Read More »

Rs249.7b collected thru customs duty, reveals FBR Year Book 2013-14

Customs duty

ISLAMABAD: Increase in value of rupee versus dollar pushed net collection of customs duty up by around one per cent, while gross and net collection from customs duty remained Rs249.7 billion and Rs241 billion respectively during 2013-14. According to the Year Book 2013-14 issued by Federal Board of Revenue (FBR), the customs duty contributed around 17.4 per cent and 10.6 ... Read More »

ECC okays 20pc duty on wheat import, Rs12b loan guarantee for PIA

Dar ECC1

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, under the chairmanship of Finance Minister Ishaq Dar, has decided to impose 20 per cent regulatory duty on the import of wheat due to rising trend of wheat imports despite a very good crop in the country. Meanwhile, the ECC also approved government guarantee for loans to PIA amounting to Rs12 ... Read More »

Govt wants tax-to-GDP at 15%, deficit down to 4.7%: Dar

Dar

ISLAMABAD: Pakistani Constitution guarantees fundamental human rights and the present government attaches great importance to implementation of all relevant laws and regulations which safeguards these rights. Finance Minister Senator Mohammad Ishaq Dar stated this while talking to European Union Special Representative on Human Rights Stavros Lambrinidis and EU Ambassador Lanrs-Gunnar Wigemark who called on him here. On the occasion, the ... Read More »

Shipping agents defer plan to move court against Port Qasim

port qasim

KARACHI: The shipping agents have deferred their plan to move court against Port Qasim administration, Customs Today learnt on Monday. The sources said the issue regarding bills delays has been settled between shipping agents and Port Qasim in a meeting in which the administration decided that reservations of shipping agents would be removed. After the meeting, shipping agents decided that ... Read More »

GSP Plus opens new avenues for economic stability: President

President Mamnoon Hussain

BAHAWALPUR: President Mamnoon Hussain has said that the concept of trade instead of aid after achieving the status of GSP Plus has opened new avenues for economic stability of the country. Addressing the 7th convocation of Islamia University here on Friday, he said President Mamnoon Hussain said that government is trying its best to overcome energy crises and the appreciation ... Read More »

Pakistan’s imports up by 12.01pc to $12.5b in July-Sept

Port

ISLAMABAD: The country’s total import bill increased by 12.01 per cent and reached $12.519 billion during the first quarter of fiscal year 2014 from $11.177 billion import of corresponding period of last year. According to Pakistan Bureau of Statistics data, the import of oil and eatables has decreased by 4.78pc to $4.79 billion in July-September 2014 as compared to $5.03 ... Read More »

Low exports swell current account deficit to $1.33b

deficit

KARACHI: SBP data revealed that country’s current account deficit in the first three months of 2014-15 remained $1.33 billion, expanding by $62 million as compared to the same three-month period of the preceding fiscal year. As a percentage of the gross domestic product (GDP), the current account deficit stood at 1.8% in July-September as compared to 2.1% in the same ... Read More »

Pakistan, Turkey agree to achieve $2 billion trade target: Dastgir

Dastgir

ANKARA: The economic managers of both Pakistan and Turkey have agreed to take necessary steps to further solidify commercial relations. Various proposals to this affect were discussed and agreed during the 15th session of Turkey-Pakistan Joint Economic Commission (JEC) which concluded on Thursday. Federal Minister for Commerce of Pakistan Engineer Khurram Dastgir Khan and Turkish Minister for Environment and Urbanization ... Read More »

Auto part makers flay Customs’ 400pc concession to importers

auto-industry

LAHORE: Pakistan Customs, through ruling No 685/2014, has reevaluated the Import Trade Prices (ITPs) for Chinese motorcycle parts and gave commercial importers huge 400 per cent concession against the values determined for OEMs. However, Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has censured the Customs for reducing valuation of Chinese motorcycle parts and said that such ‘illogical’ valuation ... Read More »

Trade deficit increases to $6.5billion as exports fall

import export

ISLAMABAD: The country’s declining exports has further increased trade deficit during the first quarter of current fiscal year. According to Pakistan Bureau of Statistics (PBS) data, as the gap between Pakistan’s exports and imports has been witnessed to $6.504 billion just from July to September this year as compare to last year’s $4.482 billion, with the growth of 45.11 per ... Read More »

Chinese exports, imports surge as economy to grow 7.5pc

China's central bank

BEIJING: China’s exports and imports has increased more than expected in September as its economy is likely to grow around 7.5 per cent this year. According to Central Bank Governor Zhou Xiaochuan, China’s labour market is performing better than expected and the central bank would continue to implement prudent monetary policy. Meanwhile, Chinese Customs data shows that the world’s second-largest ... Read More »

Imports under SROs affect local industry: Pak Steel Mills CEO

Pakistan steel

ISLAMABAD: The Pakistan Steel Mills (PSM) Karachi, Chief Executive Officer (CEO) General (R) Zaheer Ahmad has complained against the misuse of SROs which was creating problems for local industry. He said that rival parties imported cheaper iron and other related products under the umbrella of SROs and inflicts losses on PSM as well as to national kitty. “SROs not only ... Read More »