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Zero-rating of sales tax granted on textile machinery import

ISLAMABAD: The Federal Board of Revenue has granted zero-rating of sales tax on import of textile machinery. The FBR allowed zero-rating on textile machinery (not manufactured locally and imported by the unit registered with Ministry of Textile Industry as specified in Part IV of the Fifth Schedule to the Customs Act, 1969, subject to same conditions as specified therein)  through ... Read More »

Import, export prices decline on lower fuel prices in Nov 2015

WASHINGTON: According to the US Bureau of Labor Statistics, import prices fell 0.4% in November as compared to a decline of 0.3% in October 2015. The drop was mainly attributed to a decrease in fuel import prices. In November, fuel import prices fell 2.5%, continuing their downtrend. Petroleum product prices saw a decrease of 2.5%, whereas crude fell 3.6%. Fuel ... Read More »

Germany Iron ore imports surged 18%

BERLIN: According to the latest import statistics published by the European Steel Association (EUROFER), the iron ore imports by Germany surged higher by 18% during the month. This is in comparison with the imports during same month the previous year. The iron ore imports by the country during Apr ’15 totaled 3.899 million tonnes, 17.8% higher when compared with the ... Read More »

EU parliamentarians vote to revise seal import ban

BRUSSELS: EU lawmakers voted on Tuesday to revise the 28-nation bloc’s ban on the sale of products derived from seals in an effort to bring the legislation in compliance with global trade rules ahead of an impending deadline. A year ago, the WTO’s Appellate Body confirmed that the EU’s seal import ban, while justified on public morality grounds relating to ... Read More »

Turkish avg scrap imports prices drop in July

ANKARA: The July average benchmark prices for Turkish imports of HMS #1&2 80:20 gained 0.8%, just under $3 a ton, month-on-month (m-o-m). According to TSI, daily index was range-bound be-tween $371-381 a ton CFR Iskenderun port for the duration of July, with a significant jump in pricing seen towards the end of the month. The last week of July saw ... Read More »

Russia considers ban on flower imports from Netherlands

AMSTERDAM: Russia’s agricultural watchdog is proposingto ban the import of flowers from the Netherlands after discovering a pest in shipments. Currently, the federal regulatory service is discussing the legal implications of this ban, and analyzing the consequences while considering the direct import of flowers from other countries. The watchdog’s proposed ban is due to repeated discoveries of organisms that require ... Read More »

Turkey, Azerbaijan, Georgia import Iranian goods via Jolfa customs in Q1

ANKARA: Turkey, Azerbaijan, and Georgia imported Iranian goods via the northeastern Jolfa customs in the first quarter of the current Iranian calendar year (March 21-June 21), the director general of the Jolfa Customs Department, Ahmad Mahmoudi, said. Over 21 tons of goods, valued at $17 million, were exported to the three countries in the 3-month period, a 7 percent rise ... Read More »

Turkey to import more Iranian gas at discount price

ANKARA: Iranian Ambassador to Turkey Ali Reza Bigdeli said Turkey will purchase more natural gas from Iran, which will grant a certain reduction in gas prices accordingly. He added that a new agreement is needed so that Turkey can receive a discount from Iran for natural gas. “The formula has been accepted by us,” said the ambassador, and also underlined ... Read More »

Arecanut import price increases to Rs162 per kg: SAFTA

NEW DELHI: The Union government has increased the minimum import price of arecanut from Rs. 110 a kg to Rs. 162 a kg with immediate effect. According to a release issued by the Union Ministry of Commerce and Industry on Wednesday, it [price rise] is to “safeguard the interests of domestic farmers.” Press Information Bureau uploaded the release of the ... Read More »

Ukraine to import enriched uranium from France for its nuclear reactors

PARIS: Ukraine’s state nuclear power company Energoatom said that it has signed an agreement with French energy conglomerate AREVA on supplies of enriched uranium for Ukraine’s nuclear reactors. This contract is a real step towards diversification of supplies of nuclear materials for Ukrainian nuclear power plants,” Yuri Nedashkovsky, the head of Energoatom, was quoted by the company’s press service as ... Read More »

EU approves 17 biotechnology traits for import

BRUSSELS: After voting to allow EU member states to opt out of import of food and feed containing biotech traits, the European Commission approved 17 biotechnology traits for import. The traits, which include the Plenish and Vistive Gold high-oleic soybean varieties, as well as dicamba-tolerant and omega-3 soybeans, have been in the EU approval process for multiple years. American Soybean ... Read More »

Vietnam’s export and import turnover reaches US$88.4 billion by April 15

HANOI: The country’s total export and import turnover reached US$88.4 billion by April 15, a year-on-year increase of 13.9 %, according to the General Department of Vietnam Customs. The country’s total export turnover was $42.65 billion by April 15, up 9 % year over year, and total import turnover reached $45.76 billion, up 18.9 %.The commercial balance in the first ... Read More »

Belarus gets $0.9b in import customs duties in 2014

MINSK: In 2014 Belarus’ state budget received $0.9 billion in import customs duties, the press service of the Eurasian Economic Commission told BelTA. In 2014 Belarus received 4.7% of the total sum of import customs duties while Kazakhstan received 7.33% and Russia received 87.97%. In U.S. dollar terms calculated using the average official monthly exchange rate of the U.S. dollar ... Read More »

Germany import price index falls 3% year-over-year in February

BERLIN: Germany’s import prices declined at a slower-than-expected pace in February, figures from Destatis showed Friday. The import price index fell 3.0 percent year-over-year in February, below economists’ expectations for a 3.9 percent decrease. In January, prices had fallen 4.4 percent, which was the sharpest since December 2009, when it dropped 5.0 percent. February’s decline in the index was largely ... Read More »

South Korea’s import prices up 0.4% in March

SEOUL: Import and export prices in South Korea rose for two months in a row amid the local currency’s decline to the US dollar, central bank data showed on. In local currency terms, South Korea’s export prices gained 0.9 percent in March from a month earlier, according to the Bank of Korea. The export prices increased for two straight months ... Read More »

US import prices fall 10.5% YoY in March

NEW YORK: US import prices fell in March, as a stronger dollar made foreign goods cheaper to US companies. The import price index fell by a seasonally adjusted 0.3% last month against consensus forecast of a 0.4% decline. The index was down 10.5% year-on-year, a decline largely driven by prices for petroleum and petroleum product plummeting 45.1% from the previous ... Read More »

France iron ore imports tumble 22.9% year-on-year in Jan 2015

PARIS: The iron ore imports by France during the month of January this year dropped sharply over the imports recorded during the same month a year ago. This is as per the latest estimate figures released by EUROSTAT. The imports during the month tumbled by 22.9% year-on-year. The country’s iron ore imports during the month totaled 1.211 million tonnes. The ... Read More »

China refuse import of N. Korean anthracite coal shipment

BEIJING: China has returned a shipment of anthracite coal to North Korea because it failed to meet standards for mercury emissions, according to a local report here the other day. This appears to be the second rejection by China of the North Korean mineral this year. The shipment arrived at the Longkou port of China’s northern coastal province of Shandong ... Read More »

Dubai imports 11,000 tonnes of fruit and vegetables daily, re-exports 30-40% to neighbouring countries

DUBAI: Dubai currently imports about 11 thousand tonnes of fruits and vegetables per day, of which 30% to 40% are re-exported to many of the neighbouring countries in the region, as confirmed at a meeting held by the Ministry of Economy with the leading suppliers of the Al Aweer market in Dubai. The suppliers confirmed that both the decline in ... Read More »

UK’s capital import into Nigeria remains $1.9 billion, tops other countries with 43.2% share

LONDON: The United Kingdom tops the list of countries with greatest value of capital imported into Nigeria, which stood at $1.9 billion till end of the fourth quarter of 2014. According to a recent data released by the National Bureau of Statistics (NBS), the amount represents 43.2 per cent of the total capital imports. The bureau added that the figure ... Read More »