ISLAMABAD: Imports of edible oil including palm and soybean into the country during the first month of the current financial year decreased by 5.40 percent and 6.82 percent respectively as compared to the imports of the corresponding month of the last year. During the month of July 2023, about 12,575 metric tons of soybean costing … Read more
Toyota IMC halts production due to part shortage from import restrictions. Plant closed from July 21 to August 3. LC non-issuance and supply chain disruptions cause challenges. Toyota Indus Motor Company (IMC) once again suspends production due to part shortage caused by import restrictions. The assembly plant will be closed from July 21 to August … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has invited the attention of the State Bank of Pakistan (SBP) towards the reluctance of the importers to import raw materials and essential goods, despite the lifting of the import ban on raw materials and essential goods, a statement said on Friday. Unisame President Zulfikar Thaver … Read more
ISLAMABAD: The federal government has allowed the release of imported items that reached ports after June 30 with after imposing surcharge payment. Federal Minister for Finance and Revenue Miftah Ismail said the government has issued a Statutory Regulatory Order (SRO) to reverse the ban on imports of luxury items to meet international obligations. The minister … Read more
The administration announced that import tariffs on steel will remain in place for two years. The international trade secretary stated that protecting steel producers was in national interest. UK Steel previously stated that lifting the import restrictions might result in damage of millions. The administration announced that import tariffs on steel that were set to … Read more
KARACHI: Pakistan’s addiction towards imported fossil fuels, which now has shifted towards liquefied natural gas (LNG) as a replacement fuel, undermines the country’s energy security and financial stability, IEEFA’s latest report suggests. “LNG sourced from global markets now costs 5 to 10 times more expensive than domestically produced gas in Pakistan,” Haneea Isaad, the co-author … Read more
KARACHI: The prices of gold gained Rs1,500 in the local market to an all-time high of Rs145,500/tola on Friday as the downward spiral of the rupee continued against the dollar. Gold 24kt gained Rs1,500/tola and Rs1,285/10 grammes to hit Rs145,500/tola and Rs124,742/10 grammes, respectively. The latest record high was recorded in the prices of yellow … Read more
President ICCI Muhammad Shakeel Munir said that the budget has taken some good steps which are commendable. A full reaction on the budget will be given after its detailed review. He said the introduction of the ADRC system was a welcome step for better resolution of tax disputes. The tax threshold for proprietors and AOPs … Read more
Taiwan threatens to take China to the World Trade Organization. China has suspended imports of grouper fish from Taiwan. It is the latest agricultural spat between the two over pests and Taiwan’s pineapples. Taipei and Beijing’s relations are at their lowest in decades. Taiwan’s administration took steps to take Beijing to the World Trade Organization … Read more
Pakistan’s trade deficit has jumped to $43.33 billion in eleven months of the current fiscal year. Pakistan’s imports have gone up by 44.28 percent to $72.182 billion in July to May period of FY2021-22 from $50.028 billion in the same period of the previous year. Senate Standing Committee on Commerce on Friday has communicated serious … Read more
Oil prices have risen to new highs after European Union leaders agreed to halt more than two-thirds of Russian oil imports. Brent unrefined transcended $123 a barrel on Tuesday, the most noteworthy it has been for quite a long time. Costs for oil and gas have taken off as of late, fuelled by the lifting … Read more
The main transfer of Pakistani mangoes of present season will be shipped via air freight administration in Kunming, capital city of China’s South-Western Yunnan region. The shipment including 3-4 tons of “Sindhri” assortment of mangoes is probably going to show up on May 28 according to the conditional timetable of the aircraft, Adnan Hafeez, overseer … Read more
The United States lifted duties on Ukrainian steel imports for a year on Monday, in a move aimed at assisting the country’s economy. In the wake of the dramatic evacuation of civilians sheltering in a steel plant in Mariupol after Russian forces bombarded the port city, Commerce Secretary Gina Raimondo heralded the importance of the … Read more
KARACHI: The rupee fell 76 paisas against the dollar on Monday, owing to a jump in the global oil prices and rising foreign currency demand for import payments, dealers said. The exchange rate ended at Rs175.47 against the dollar from Friday’s closing at Rs174.71 in the interbank foreign exchange market. The dealers said high oil … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the Ministry of Commerce to assist in adopting khashkhash as food and food ingredient, a statement said on Monday. The Unisame asked the Ministry of Commerce to urge the United Nations (UN) to revisit the Single Convention on Narcotic Drugs 1961, and remove the … Read more
KARACHI: Import restrictions introduced through the Finance Supplementary Bill is expected to help the rupee remain stable next week. However, a surge in the international oil prices may prove otherwise. The National Assembly on January 13, 2022 approved the Finance (Supplementary) Bill, 2021. Through the legislation, the government withdrew exemptions and concessions worth Rs343 billion. … Read more
YEREVAN: Armenia said on Thursday it was lifting an embargo on Turkish goods from January 1, while Turkey announced the two countries’ envoys could meet in January to discuss mending ties. Arch-enemies Armenia and Turkey have recently made tentative moves to improve relations. In Yerevan, the Armenian economy ministry said it was lifting an embargo originally … Read more
HONG KONG: A ban on selling most ivory products in Hong Kong came into effect on Friday, the culmination of a three-year process to eliminate the once rampant trade in the city. Hong Kong lawmakers in 2018 backed a bill opting for a gradual phasing out of the trade, a move some conservationists at the time … Read more
ISLAMABAD: Adviser to the Finance and Revenue Shaukat Tarin has directed the relevant authorities to take effective policy measures to reduce unnecessary imports of luxury items. The adviser made these remarks, while presiding over a meeting to review the balance of trade at the Finance Division, a statement issued by the Finance Ministry said. The … Read more
SHANGHAI: The fourth China International Import Expo (CIIE), scheduled for November 5 to 10, is set to open in China’s coastal city of Shanghai. As an icon of China’s opening-up and international cooperation, the expo, which has been held every year since 2018, has promoted global development and prosperity, and contributed to shaping a brighter … Read more
DUBAI: The UAE will pursue an aggressive timetable to negotiate broad economic agreements with eight countries it wants to deepen trade ties with, hoping it can wrap up some of those talks within a year, Reuters quoted UAE trade minister, as saying. The Gulf state, already a hub for global trade, this month announced plans … Read more
KARACHI: The Pakistan Yarn Merchants Association (PYMA) has appealed Prime Minister Imran Khan to take measures for reducing the cost of production of value-added textile industry, in view of the shortage of cotton, cotton yarn and the skyrocketing prices and allow duty-free import of cotton and cotton yarn from Turkey, India and Uzbekistan by land … Read more
KARACHI: The Model Customs Collectorate (MCC) Peshawar has said that the quantum of duty-free imports from Afghanistan has surged 73 per cent in the fiscal year 2020/21. The volume of imports from Afghanistan cleared through the collectorate during the fiscal year 2020/21 was Rs84.4 billion, compared with Rs65.44 billion in the preceding fiscal year, showing … Read more
KARACHI: The imports of used and old cars registered a massive growth of 153 per cent in July 2021 over the same month of the last year. According to the data released by the Pakistan Bureau of Statistics (PBS) on Friday, the imports of old and used cars increased to $33.03 million in July 2021, … Read more
KARACHI: A significant jump in import quantities of high-speed diesel (HSD) was observed during FY21 ended June 30, 2021, as the authorities have cracked down on smuggling of diesel from neighbouring Iran. As much as 17,735 tonnes of HSD was legally imported during FY21, seven times higher as against 2,048 tonnesd imported in FY20. Similarly, … Read more
Pakistani exporters and traders will participate in ten exhibitions to promote various products in China during the fiscal year 2021-2022 (FY22). Due to Covid-19, more emphasis has been placed on virtual activities, however, some physical exhibitions will take place during the current fiscal year. The China International Fair for Trade in Services (CIFTIS), which is … Read more
BEIJING: Pakistani exporters and traders would participate in 10 exhibitions to be held in China during the fiscal year 2021/22 to promote different products. Due to the Covid-19, more emphasis has been placed on virtual activities; however, some physical exhibitions will also be held during the ongoing fiscal year. The 10 exhibitions, with Pakistan’s participation, … Read more
KARACHI: The K-Electric Limited (KEL) and Pakistan LNG Limited (PLL) have signed a gas supply agreement for the supply of 150mmcfd re-gasified liquefied natural gas (RLNG) for K-Electric’s 900MW plant at Port Qasim (BQPS-III), a government official said. Once fully operational, the $650 million, 900MW plant will bolster Karachi’s power supply, as the project is … Read more
