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TRADE

Sep 06, 1999

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade
  6. Gulf

New CED rates on oil-seed notified

Central Board of Revenue has notified that the rate of Central Excise Duty on import of soyabean seeds, rape/ colza seeds, mustard seeds and safflower seeds would be charged as per fluctuations in the international prices of these seeds.

The new rates would be applicable from Aug 26, 1999.

In the light of notification No 995 (I)/99, dated Aug 31,1999, the July 16, 1999 decision of the Economic Coordination Committee of the Cabinet (ECC) stands revised.

The July 16 decision had been taken in the light of recommendations from the National Tariff Commission, ministries of commerce, food and industry, to fix the CED rate for oil-seed import at 15%. This was aimed at offering protection to the local growers of oilseeds who had complained that the import prices being lower than those feasible for their crops, the CED be increased to a level that the imported seeds are rendered unattractive.

Powdered-milk prices drop

The price of imported vegetable fat-filled milk powder hat reversed to the rate prevalent before August 16 level, following the release of held-up consignments by the Karachi Customs.

According to a spokesman of Pakistan Commodity Traders Association (PCTA), the price of milk powder of Irish origin, which had escalated to Rs2,700 per 25kg bag due to shortage in the market, has come down to Rs2,500-2,550.

Seminar

Export Promotion Bureau (EPB) will organize a seminar on 'Post-harvest handling of fresh produce' at Faisalabad next month.

According to EPB officials, the objectives of the seminar to be held in collaboration with the University of Agriculture Faisalabad is to make farmers aware of modern post-harvest techniques.

Auto, tractor parts exported to Italy

Pakistan has exported auto and tractor parts worth $40,000 to Italy.

Malik Gas Appliances (MGA) finance director Tahir Javed Malik, who is also chairman of the Township Industrial Area Association, told that his company would send another consignment of the same value to Italy next month as well.

Among the parts exported to Italy are mufflers, handbreaks and other allied products.

MGA has exported auto parts worth $17,000-18,000 to Sri Lanka and Turkey a few month back. 'By the end of this year, we hope to export auto parts worth $100,000 and try to double it next year,' Malik said. MGA is also trying to explore the French and American markets for its products and intends to participate in auto parts exhibitions in Paris and Las Vegas this year.

The company's annual domestic sales are about Rs45 million and it produces 330 different parts for 10 OEMs.

EPB team for MoU revival with Syria

The visiting Pakistani delegation to Syria has discussed the reactivation of memorandum of understanding (MoU) signed between the two countries in the recent past for the trade of 30 million dollars.

According to Export Promotion Bureau (EPB) here Monday, the Syrian Minister of Economy and Foreign Trade, Dr Muhammad Al-Imady and Pakistani State Minister and Chairman EPB Wajid Jawad discussed reactivation of the MoU during a meeting at Damascus.

It was felt that the possibilities of trading Pakistani sugar and rice with Syrian Chickpeas and lentils were bright, while more items could be added to the list of protocol from both sides.

Cotton imports swell to 0.85m bales

Cotton imports swelled to 0.850m bales and spinners said another 0.150m bales are on their way and are expected to reach here possibly by the first week of September.

According to official figures released by the Collectorate of Customs Karachi Port and Port Qasim, the former has cleared 0.712m bales and the latter 0.113m bales respectively up to Aug 18, and 24,555 bales arrived by the land route from the Central Asian States.

The standard weight of the imported stuff is 480 lbs per bale as compared to 375 lbs of the local one, which means about a million bales when calculated in terms of local weightage worth about Rs 13 billion.

"It is a massive foreign exchange spending without many cogent reasons, adding significantly to the trade imbalance", local cotton specialists said adding "the panic spinner buying was caused by fears of imminent price flare-up in the wake of a short crop of 7.3m bales".

They said together with the unsold stocks of 0.200m bales of the old crop lying with the ginners and the imported stuff, the total supplies of lint rose to 1.2m bales and added to it is the new crop from the lower Sindh and some ginneries in the central Punjab.

"Their combined daily turnout is placed at 15,000 bales but bulk of it is lying in the ginneries awaiting buyers adding to the unsold inventories of the ginners and the consequent price crash to Rs 1,850.00 per maund, new seasonal low level," they said.

Local annual cotton consumption by the organized sector fluctuate between 8.4 and 8.6m bales depending on world demand for textiles and if spinners have taken an objective view of the developing situation "the market should have not crashed to new lows", said leading ginner.

NTC to review tariff on paints

National Tariff Commission has decided to review the tariff anomalies with regard to raw materials and finished products of paints.

In a press release issued here on Friday, the NTC says: The local manufacturer of paints approached NTC with the plea that due to tariff anomalies regarding raw materials and finished products, their selling prices have become uncompetitive vis-a-vis imported finished paints. The situation is further aggravated due to the fact that imported finished paints are exempted from payment of Central Excise Duty while locally manufactured paints are subjected to CED @ 10%.