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SBP imposes 100% commission margin on over 131 imported items

KARACHI: State Bank of Pakistan (SBP) has imposed 100% commission margin on more than 131 imported items. The list of items includes rubber, wood, cigarettes paper, motorcycle and vehicle spare parts, SIM cards, paper and paper boards, chemical, data processing instruments, mosquito killer chemical, coils, cylinders, portable computers, almonds, rice, horses, and others. Read More »

Customs intercept cars, rice, Indian hemp worth N531.4m

ABUJA: The Federal Operations Unit, Zone `A’ of the Nigeria Customs Service has intercepted cars, rice and Indian hemp, with a Duty Paid Value of N531.47m. The Customs Area Controller of the command, Comptroller Mohammad Garba, who disclosed this in Lagos on Monday, said that the command intercepted 27 vehicles, including a Toyota Prado Jeep, Toyota Hilux, Toyota Highlander, Mercedes ... Read More »

Uganda receives EAC Secretariat in sugar, rice trade disputes with Kenya

NAIROBI: Uganda has received the support of the East African Community Secretariat in its sugar and rice trade disputes with Kenya and Tanzania respectively. The Secretariat said the disputes go against the spirit of integration and free movement of goods and services in the region. According to the EAC, by requiring Ugandan traders to have permits to export sugar to ... Read More »

Vietnam cuts export price floor of 25% broken rice by 2.9% to $340 tonne

HANOI: Vietnam has cut the export price floor for the 25 percent broken rice by 2.9 percent to $340 a tonne, an industry body said, after the country submitted the lowest price in a rice tender in the Philippines. The new floor came into effect on Monday, the Vietnam Food Association said in a statement seen by Reuters. The Philippines ... Read More »

Rice importers take on Nigeria Customs Servic over N20b import duty

ABUJA: Rice importers have taken on the Nigeria Customs Service (NCS) over its resolve to collect the N20 billion import duty they allegedly evaded paying into the coffers of the federal government. Following the reluctance of the rice importers to pay the import duty, the Customs High Command had issued a public notice in selected national newspapers giving the importers ... Read More »

Costa Rica exports drop 17% in first quarter of 2015

LONDON: Despite 40 percent growth in sales of medical devices during the first three months of 2015, overall exports from Costa Rica dropped 17 percent, the Foreign Trade Ministry (COMEX) and Foreign Trade Promotion Office (PROCOMER) reported. Sales of medical devices during the first quarter of 2014 reached $364 million, while this year the figure was $519 million. The gain ... Read More »

9 ships laden with petrol, rice, palm oil arrive Lagos ports: NPA

 LAGOS: Nine ships laden with Premium Motor Spirit (PMS), otherwise known as petrol, are waiting to berth and discharge at the Lagos ports. The Nigerian Ports Authority (NPA) stated this in its daily publication ‘Shipping Position’ made available to newsmen on Wednesday in Lagos. It indicated that two other ships laden with kerosene and aviation fuel were also waiting to ... Read More »

India Basmati rice exporters to sort out pending issues related to high import duties with India

NEW DELHI: India Basmati rice exporters, hit by Iran’s decision to restrict imports last year, are likely to get some encouraging news next week. Senior officials from both sides will meet in Tehran on Monday to sort out pending issues related to high import duties, quality norms and import licenses so that shipments can start moving soon. Commerce Secretary Rajeev ... Read More »

Vietnam seizes 152,000 sacks of smuggled rice

HANOI: Vietnam navy seized 130,000 sacks of rice from the vessels. Among the seized vessels was the Vietnam-registered M/V An Bien-89-ALCI and its 16 crew under Captain Nguyen Van Loi had been taken into custody. Seized from the foreign vessel were 116,000 sacks of imported rice – out of its original cargo of 152,000 sacks – consigned to an Alfarsi Tan ... Read More »

Costa Rica’s exports in January remain $725.6m, shows 2.9% growth

LONDON: Costa Rica’s exports in January remained $725.6 million, with an increase of 2.9 percent as compared with the same month last year. Costa Rica’s medical device industry started this year strong, with a 54 percent growth in exports over last year, according to a report from the Foreign Trade Promotion Office. That places these products at the top of goods ... Read More »

Philippines to import 500,000 metric tons rice stocks for lean season

MANILA: The Philippines will import 500,000 metric tons of rice for the lean season starting this July, the National Food Authority (NFA) said Tuesday, February 17. For this first programmed rice importation for 2015, NFA approved the mandatory buffer stocking requirement of a maximum of 250,000 MT of 25% brokens and 250,000 MT of 15% brokens. Broken rice is a ... Read More »

China customs seizes 210,000 tonnes of smuggled rice worth 1.26 billion yuan

BEIJING:Chinese customs seized more than 210,000 tonnes of smuggled rice in 2014, worth 1.26 billion yuan (205 million U.S. dollars). Zhu Feng, deputy head of the anti-smuggling bureau of the General Administration of Customs (GAC), said the GAC cracked 467 cases concerning rice last year in a special campaign against the smuggling of agricultural products. The campaign was dubbed “Green ... Read More »

Vietnam sets new rice export price to meet Philippines 0.18m import demand

MANILA: To meet Philippines private traders’ rice import demand of 187,000 tonnes, the world’s third-largest rice exporter Vietnam has set export prices in preparation to meet an import demand. Last month, the Philippines’ state grains procurement agency allowed private traders to import 187,000 tons of rice. Exporters must sell the 5-percent broken rice to Philippine importers at $385 a ton, ... Read More »

ECC plunders masses of Rs50b for gas companies, approves 23pc hike in tariff, Rs9.43/L POL cut?

ISLAMABAD: The federal government, after giving the masses Rs9.43/litre relief in petroleum, oil & lubricant (POL) prices, has shocked the nation as the Economic Coordination Committee (ECC) of the Cabinet has approved 23 per cent increase in gas tariff from Jan 1 to recover about Rs69 billion from the consumers and to give Rs50 billion to gas companies. The ECC ... Read More »

ECC plunders masses of Rs50b for gas companies, approves 23pc hike in tariff, Rs9.43/L POL cut?

ISLAMABAD: The federal government, after giving the masses Rs9.43/litre relief in petroleum, oil & lubricant (POL) prices, has shocked the nation as the Economic Coordination Committee (ECC) of the Cabinet has approved 23 per cent increase in gas tariff from Jan 1 to recover about Rs69 billion from the consumers and to give Rs50 billion to gas companies. The ECC ... Read More »

Rice exporters ask TDAP for higher China quota from 0.5m to 0.75m tonnes

LAHORE: The export of Pakistani rice to China is limited due to quota restrictions in China. It should be enhanced for Pakistan from 0.5 million tons to 0.75 million tons for basmati rice. This was stated in a letter written by the rice exporters simultaneously to Trade Development Authority of Pakistan and Pakistan embassy in Beijing. The letter laid emphasis ... Read More »

Inflation declines to 5.8pc in 18-months

ISLAMABAD: Though the POL prices were down in November, yet the inflation rate was recorded at 18-month low during October this year due to unchanged prices of petroleum products from July to September. The inflation rate, based on consumer price indicator (CPI), was witnessed at 5.8 per cent low in October 2014 as compared to the same month of the ... Read More »

Cross-border smuggling making big hole in exchequer

PESHAWAR: The rampant smuggling of auto parts and Nato forces equipment from Afghanistan into Pakistan has been going on unnoticed, depriving the national exchequer of huge revenue to the tune of billions of rupees. Informed border areas goers and residents of Khyber Agency divulged to Customs Today that auto parts and others goods were being trafficked from Afghanistan through horses ... Read More »