New CED rates on oil-seed
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
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
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.
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
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
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
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
"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%.