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US lifting oil export ban unlikely to change global market

NEW YORK: The United States has abolished the 40-year restriction on oil exports. While American oil producers are enthusiastic about the decision, market reality may dictate otherwise. Besides the obvious problem facing oil exporters such as low prices due to global oversupply, US producers are facing a number of other obstacles. Despite being a major oil producer, the US still ... Read More »

Maldives to ban HCFC gas imports

MALÉ: Maldives is set to ban hydrochlorofluorocarbon (HCFC) gas import from June as it looks to reduce the amount of ozone-depleting substances used in the Maldives. President Abdulla Yameen Abdul Gayoom ratified the Bill on Protection of the Ozone Layer last month which has also been designed to promote the replacement of ozone-depleting substances with environmentally friendly substances. The bill ... Read More »

Sri Lanka exports, imports fall; trade gap shrinks in Oct.

COLOMBO: Sri Lanka’s exports fell 6.0 percent to 847.3 million US dollars in October 2015 from a year earlier while imports fell at a faster 6.4 percent to 1.64 billion US dollars, official data showed. The trade gap fell 6.8 percent to 791.0 million US dollars from a year earlier. The Central Bank said continued decline in demand for tea ... Read More »

Indonesia mulls rice imports from India

JAKARTA:The government is considering importing rice from India, the world’s second-largest rice producer, in anticipation of insufficient supply in the near future. Trade Minister Thomas Lembong said on Wednesday his ministry was seeking to diversify import sources for rice, the country’s main staple food. “We also encourage the signing of a memorandum of understanding [MOU] with India, because India has ... Read More »

Italy pork imports decrease by 1% year on year

ROME: Italy imported 757,200 tonnes of pork from January to September 2015, a decrease of 1 per cent year on year, according to the latest data released by Istat. The average unit value of shipments to Italy over the same time period decreased by 11 per cent compared to a year earlier, with the value of imports also down 11 ... Read More »

China to remove gold import license for industrial purposes: Customs

SHANGHAI: Gold imported into China for industrial use will not require a central bank permit from the beginning of this year, the General Administration of Customs said on Thursday. Industrial use includes the processing of gold in making watches and coins, for example, according to the statement. Read More »

US Customs seizes US$145k from smugglers near St. Thomas

NEW YORK: The United States Customs and Border Protection (CBP) agency says its Air and Marine Operations (AMO) agents seized US$145,000 from a vessel operated by three US citizens near St. Thomas. According to the CBP, “all subjects were released pending further investigation.” The officials report that during a maritime patrol, a St. Thomas-based marine crew located a vessel with ... Read More »

Entrepreneurs obtain one more opportunity for customs clearance of goods

BAKU: APA-Economics. State Customs Committee took a new step on customs clearance of goods and transport facilities. The entrepreneurs will be able to use e-declaration on their imported goods and transport facilities for transparency in customs activity. Chief of Main Department for Activity Assessment and Development Programs of the State Customs Committee, customs service Major-General Igbal Babayev told APA-Economics that ... Read More »

Nigeria Customs collected N903b cash in 2015

ABUJA: The Comptroller-General, Nigeria Customs Service (NCS) Col. Hameed Ali (rtd), yesterday said the Service collected a total of N903 billion last year out of a target of N954 billion. He spoke while fielding questions from reporters after the decoration of newly promoted senior officers of the NCS in Abuja. He said the Central Bank of Nigeria (CBN) policy that ... Read More »

India Customs launches system to monitor unclaimed cargo

CHENNAI: A new system to track and monitor unclaimed and un-cleared cargo at ports or customs freight stations has been launched. Vanaja Sarna, member, Central Board of Excise and Customs, launched the system at a function at the Chennai Custom House on Tuesday. A release from the customs said the new system would provide a secure, digital interface with customs ... Read More »

Malaysia Customs estimates 100,000 companies not registered for GST

KUALA LUMPUR: Customs director-general Datuk Seri Khazali Ahmad said an operation called “Ops Jejak GST 2016” would be held from January 17 onwards, involving 1,500 enforcement officers. “This is the first large-scale operation launched this year where our goal is to educate, not punish,” Khazali said at the Customs headquarters in Putrajaya. “We are doing this so that our officers ... Read More »

Thai Customs considers cutting import duties on luxury goods

BANGKOK: The Customs Department is considering decreasing import duties on luxury items like clothing and accessories to make shopping cheaper. Director Kulit Sombatsiri said the department will study the the pros and cons of a import duty cut and ensure it will not affect local businesses. As a result, it may reduce import duties for certain products which are not ... Read More »

Saudi Customs seizes 1,000s of banned religious items

RIYADH: Saudi customs officials have managed stop over 1,000 attempts to smuggle religious materials into the country over the past two years. Arab News reported that customs officials seized a total of 101,296 books and religious tapes that are banned from entry for containing violating content. In new figures released this week, Saudi officials also said that customs officers have ... Read More »

India Customs seizes 15 kg gold at Delhi airport

NEW DELHI: About 15 kg of gold, valued about Rs 4 crore, has been seized by the Customs department from passengers who were trying to smuggle them in at the Delhi airport, Customs officials said. A passenger from Dubai was caught by the Customs officials with 2 gold bars weighing 2 kg following intelligence inputs. The same night, the officials ... Read More »

Turkish exports decline 8.7% for 2015

ANKARA: Turkey’s exports for 2015 showed a decline of 8.7 per cent compared with the previous year, falling to US$144bn, according to data from the Exporters’ Assembly of Turkey (TIM). TIM attributed the disappointing result to fluctuations in parity, decreasing commodity prices and ongoing political conflicts, not least the recent rift between Ankara and Moscow. Since Russia banned many imports ... Read More »

Customs seizes 1 kg gold from seat panel of private airlines in Kolkata

KOLKATA:  One kg gold, valued at Rs 26 lakh, was seized from a private airlines flight after it arrived at Netaji Subhas Chandra Bose International Airport in Kolkata from Bangkok today. An airport customs official said the gold was found concealed in the side panel of a seat while screening the aircraft. There were no claimants for the gold, he ... Read More »

Sales of imported cars in S. Korea jump 24.2% in 2015

SEOUL: Sales of imported cars in South Korea jumped 24.2 percent in 2015 from a year earlier, driven by a marked growth in demand for European car brands, industry data showed Thursday. According to the data by the Korea Automobile Importers and Distributors Association, 243,900 foreign vehicles were newly registered in the country last year, compared with the previous year’s ... Read More »

North Korea imports $2.09b worth of luxury goods for 3 years

SEOUL: North Korea imported $2.09 billion worth of luxury goods for three years under the Kim Jong-un regime despite United Nations sanctions banning the transfer of such goods to the country, a South Korean lawmaker said Thursday, citing Chinese customs data. Luxury goods, including certain kinds of jewelry, precious stones, carpets, yachts, luxury automobiles and racing cars, have been banned ... Read More »

Abu Dhabi Ports sets new annual cargo volume record in 2015

WASHINGOTN: Abu Dhabi Ports, the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate, set a new annual cargo-volume record in 2015, surpassing the previous record set in 2014. The company witnessed significant surge in volumes during the year in all major sectors, namely container cargo, general and bulk cargo, Roll-on-roll-off (RORO), and cruise tourism; ... Read More »

West Coast ports increases 1% volume in Nov

WASHINGTON: After struggling all year with cargo diversion due to labor problems, West Coast ports in November finally turned the corner, registering gains in all categories of container throughput. Numbers posted on the Pacific Maritime Association website for laden containers show that total container throughput at West Coast ports in November increased 1 percent over November 2014. Imports were up ... Read More »