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Tag: Ministry of Commerce

  • Import ban not to apply on L/C issued before May 19, 2022

    Import ban not to apply on L/C issued before May 19, 2022

    ISLAMABAD: The ministry of commerce on Saturday issued a clarification stating that the import ban will not be applicable on Bill of Lading (B/L) or Letter of Credit (L/C) issued prior to ban decision.

    In order to address the balance of payments (BOP) situation in the country resulting from the increase in current account deficit (CAD) during the first 10 month of the current fiscal year 2021/2022, import of certain luxury and non-essential items has been prohibited, vide SRO 598(1)/2022 dated May 19, 2022.

    READ MORE: Pakistan’s imports hit record high at $65.47 bn in 10 months

    However, to address the concerns of certain business quarters with regard to the implementation of the said SRO, it is clarified that in terms of proviso to the paragraph-4 of the Import Policy Order, 2022, the imports where Bill of Lading (B/L) or irrevocable Letter of Credit (L/C) was issued or established prior to the notification of the SRO 598(1)/2022 dated 19.05.2022 shall be exempt from the operation of the SRO.

    READ MORE: Pakistan’s March trade deficit widens by only 5.5%

    Hence, imported goods for which B/L or irrevocable L/C was established prior to May 19, 2022 shall not be subject to the prohibitions contained in the said SRO.

    Moreover, the business community and the general public are invited to share their concerns, proposals or any anomalies with respect to the said SRO at [email protected]. Ministry of Commerce would respond to them at the earliest.

    READ MORE: Pakistan’s trade deficit widens to $32 billion in 8MFY22

    Previously, the ministry of commerce amended Import Policy Order, 2022 through SRO 587(I)/2022 to ban import of luxury and non-essential items.

    The government banned the import of items, included: aerated water and juices; automotive in Completely Built Unit (CBU); sanitary and bathroom wares; carpets (excluding from Afghanistan); Chandeliers and Lightening Devices or Equipment; Chocolates; cigarettes; corn flakes etc.; cosmetics and shaving items; tissue papers; crockery; decoration / ornamental articles; dog and cat food; doors and window frames; fish; footwear; fruits and dry fruits; furniture; home appliances CBU; ice cream; jams, jellies and preserved fruits; luxury leather jackets and apparels; matters and sleeping bags; frozen or processed meat; mobile phones CBU; musical instruments; pasta etc.; arms and ammunition; shampoos, sunglasses; tomato ketchup and sauces; and travelling bags and suitcases.

    READ MORE: Pakistan’s trade deficit widens by 92% in seven months

  • Ministry imposes ban on import of conventional syringes

    Ministry imposes ban on import of conventional syringes

    ISLAMABAD: The ministry of commerce on Friday imposed ban on import of conventional syringes with immediate as the government had already granted incentives on import of auto disable syringes through latest amendment to relevant laws.

    The ministry of commerce issued SRO 483(I)/2021 dated April 16, 2021 to amend Import Policy Order, 2020.

    Through the notification a ban has been imposed on import of conventional syringes including 2 ml, 2.5 ml, 3 ml and 5 ml.

    Prior to this through Tax Laws (Second Amendment) Ordinance, 2021, the government had allowed sales tax exemption on import of auto disable syringes including with needles and without needles.

    Further, the import of raw materials for the manufacturers of auto disable syringes was also granted sales tax exemption.

  • Trade deficit widens to $17.3bn in July – February

    Trade deficit widens to $17.3bn in July – February

    ISLAMABAD: Pakistan’s trade deficit widened by 9 percent or $17.3 billion during first eight months (July – February) 2020/2021 of the current fiscal due to surge in import bill for the period, according to provisional data released by the ministry of commerce.

    The trade deficit widened to 17.3 billion during first eight months of the current fiscal year as compared with $15.87 billion in the same months of the last fiscal year.

    Import bill increased to $33.6 billion during the period under review as compared with $31.5 billion in the corresponding period of the last fiscal year, showing an increase of 6.6 percent.

    On the other hand, exports posted a growth of 4.2 percent to $16.3 billion during July – February 2020/2021 as compared with $15.64 billion in the same period of the last fiscal year.

    Abdul Razak Dawood, Adviser to Prime Minister of Pakistan for Commerce and Investment, in a tweet message commented that most of this growth came from increase in import of raw material and intermediate goods, which increased by 7.8 percent.

    The import of capital goods declined by 0.2 percent, while that of consumer goods decreased by 7.3 percent, he added.

    “This shows that the Make-in-Pakistan Policy of MOC is delivering dividends and industrial activity in the country is increasing. The import bill this year also increased because we had to import Wheat and Sugar to stabilize the market prices,” he said.

    Cotton was also imported to to help the Export-oriented industry so that the exports are not hampered.

    During Jul-Feb 2021, the import of Wheat amounted to USD 909 million, Sugar USD 126 million and Cotton USD 913 million (total of USD 1,948 million).

  • Istanbul-Tehran-Islamabad freight train resumes operation on March 04: Razak

    Istanbul-Tehran-Islamabad freight train resumes operation on March 04: Razak

    ISLAMABAD: Razak Dawood, Adviser to Prime Minister of Pakistan for Commerce and Investment, on Tuesday said that after a span of nine years the Istanbul-Tehran-Islamabad (ITI) Freight Train will resume operations from March 4, 2021.

    In a tweet message, the adviser said that Istanbul-Tehran-Islamabad (ITI) Freight Train will resume operations from March 04, 2021 after nine years.

    “It will complete the one-side trip in 12-days, with capacity to move 750 MT of goods.”

    This is a testament of friendship between the three countries and will go a long way in facilitating movement of goods between Pakistan, Iran & Turkey.

    “I congratulate  Senator Azam Swati for making this possible,” he said.

    I call on our exporters to take benefit of this alternative route and mode of transport and contact the ministry of commerce for any facilitation.

  • Ministry notifies dates for kinnow, mangoes exports

    Ministry notifies dates for kinnow, mangoes exports

    ISLAMABAD: The ministry of commerce on Monday notified dates for start of exports of mangoes and citrus hybrid (kinnow).

    The ministry issued SRO 1334(I)/2020 dated December 14, 2020 to amend Export Policy Order, 2020.

    According to the amendments: “Export of mangoes shall be allowed from the 20th day of May unless otherwise specified by the committee comprising ministry of commerce and ministry of national food security and research.”

    Similarly, in case of kinnow export, the SRO stated: “Export of Citrus Hybrid (Kinnow) shall be allowed from the 1st day of December unless otherwise specified by the committee comprising ministry of commerce and ministry of national food security and research.”

  • Import of live animals, birds banned on Coronavirus threat

    Import of live animals, birds banned on Coronavirus threat

    ISLAMABAD: The government has banned import of all types of live animals and birds with immediate effect in the wake of novel coronavirus.

    According to an official memo issued by the ministry of commerce to Quarantine Department a ban has been imposed on import of any zoonotic (animals and birds etc.) with immediate effect and until further orders.

    The memo said that on the recommendations of the Ministry of National Health Services, Regulations and Coordination (MNHSR&C), the ministry of commerce has imposed a ban on the import of any zoonotic (animals and birds etc.) with immediate effect and until further orders.

    The MNHSR&C has informed that the origin of recent outbreak of Novel type of Corona Virus (2019-nCOV) has been threat to be zoonotic in nature, which may potentially undermine government efforts to prevent the spread of said disease in Pakistan.

  • Import bill plunges by 17.06% in first half

    Import bill plunges by 17.06% in first half

    KARACHI: Pakistan’s import bill fell by 17.06 percent during first six months (July – December) 2019/2010 owing to deceleration in international commodity prices and lower domestic demand.

    According to data released by the ministry of commerce, the import bill reduced to $23.18 billion during first half of current fiscal year as compared with $27.94 billion in the corresponding half of the last fiscal year.

    The exports exhibited 3.21 percent growth during the period under review owing to better earning of local manufacturers in the international markets.

    The total exports were at $11.54 billion during July – December 2019/2020 as compared with $11.18 billion in the corresponding period of the last fiscal year.

    The lower import bill brought down the trade deficit by 30.58 percent for the period under review.

    The trade deficit declined to $11.64 billion during July-December 2019/2020 as compared with the deficit of $16.77 billion in the corresponding period of the last fiscal year.

    According to trade data for the period July – December 2019/2020 revealed that the import of motor cars in completely build unit (CBU) fell by 80 percent to $31 million as compared with $156 million.

    While import of CKD (Completely Knocked Down) motor cars fell by 46 percent to $229 million in first six months of current fiscal year as compared with $426 million in the same period of the last fiscal year.

    The import of petroleum crude declined by 30 percent to $1.7 billion during first six months of current fiscal year as compared with $2.42 billion in the corresponding months of the last fiscal year.

    While import of petroleum products fell by 24 percent to $2.59 billion during July – December 2019/2020 when compared with $3.41 billion in the same period of the last fiscal year.

    According to top performing export items, basmati rice posted 56 percent increased to $380.2 million during first six months of current fiscal year when compared with $244 million in the corresponding period of the last fiscal year.

    Export of meat posted 52 percent growth to $155.9 million during July – December 2019/2020 when compared with $103 million in the corresponding period of the last fiscal year.

    The exports of readymade garments registered increase of 12 percent to $1.41 billion during first half of current fiscal year as compared with $1.26 billion in the same half of the last fiscal year.

  • Ban on trade with India not to apply shipment of documents

    Ban on trade with India not to apply shipment of documents

    ISLAMABAD: The ministry of commerce has said that ban on trade with India will not apply on the shipment of documents related to personal or ministries.

    The ministry issued a clarification in this regard through an office memorandum dated October 03, 2019, stated that the bilateral trade with India was suspended through SROs 927 and 928 issued on August 09, 2019.

    “However, it is clarified that the suspension of trade with India will not apply to the shipment of documents e.g. personal and business documents, documents of government ministries, diplomatic mission, banks and greeting cards, etc.”

  • Ministry extends implementation of SRO 604 related to solar panel import

    Ministry extends implementation of SRO 604 related to solar panel import

    ISLAMABAD: The ministry of commerce has extended the implementation of SRO 604 up to August 31, 2019. The ministry issued the SRO on May 28, 2019 which is related to import of solar panel and related equipments.

    The ministry of commerce issued SRO 947(I)/2019 to extend the date of implementation of the SRO 604(I)/2019 from June 01, 2019 to August 31, 2019.

    Therefore the provisions of the SRO 604 would take effect from September 01, 2019.

    Sources in Pakistan Customs said that the extension of date for implementation of the SRO would help the import to clear their stuck up consignments on the previous terms and conditions.

    Due to changes in the Import Policy Order, 2016 through SRO 604 resulted large amount of stuck up containers at the ports.

    Considering the large number of stuck up containers of solar panels, Model Customs Collectorate (MCC), Appraisement South, allowed shifting of solar panel and related equipments consignments to CPF customs bonded warehouses or pubic bonded warehouses till the requirement of SRO 604 is not fulfilled by the importers.

    The consignments of solar panels, inverters and other equipment used in solar technology were previously imported on the standards and conditions specified by the government as per last import policy order.

    The stakeholders said that the ministry had issued the SRO without consultation with the industry participants and it resulted in this problem.

    The ministry previously issued clarification and mentioned July 4 2019 as the date of implementation of new requirement but still large number of containers were stuck at ports as they were arrived under previous order and were not cleared prior to the said.

  • Commerce ministry extends date for submitting DLTL claims

    Commerce ministry extends date for submitting DLTL claims

    KARACHI: The ministry of commerce has extended the last date for submission /resubmission of claims of Drawback of local Taxes and Levies (DLTL).

    The State Bank of Pakistan (SBP) on Monday informed banks that the commerce ministry extended the date for claiming DLTL.

    The central bank said that in terms of Commerce Division, Ministry of Commerce & Textile’s letter F.No. 5(2)/2017-SO(M&I) dated July 30, 2019, it has been decided to extend the deadline for submission/ resubmission of claims from claimants to Authorized Dealers (ADs) under Para 1(4)(a) and 1(4)(d) of the subject Order till August 15, 2019.

    Further, the deadline for submission of the claims from ADs to the field offices of State Bank of Pakistan – Banking Services Corporation (SBP-BSC) shall be August 30, 2019.

    Likewise, the last date for submission of incremental claims from exporters to ADs under Para 1(4)(b) of the subject Order, shall be October 16, 2019 and from ADs to SBP-BSC October 31, 2019.