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New guidelines on Pak polyester yarn & fabric imports
13
Jul '12
The value of polyester yarn and polyester fabric imported by Pakistani firms would be determined by the Department of Customs based on the prevailing prices in the global markets.
 
The Directorate General of Customs Valuation has issued a notification saying identical goods valuation method will be adopted by the customs authorities for valuation of different types of imported polyester yarn and fabrics.
 
The announcement by Pakistani Customs authorities came in response to a plea by importers of polyester yarn and fabrics to value the imported goods on the basis of prevailing international prices, as the value of these goods have witnessed huge fluctuations in global markets during the past few months.
 
The importers said the present values of polyester yarn and fabrics used as a yardstick by the customs authorities is nearly six months old and hence these need to be revised, so that they reflect their current price trends in global markets.
 
The latest step by the customs authorities will help them to check undervaluation declared by importers.
 
Polyester yarn and fabric are used as raw material by the value-added textile industry in Pakistan. These items are in huge demand in Pakistan as domestic manufacturing has been affected by energy shortage and other factors. 
 
In fiscal year 2010-11, Pakistan imported 27.616 million tons of polyester yarn and fabric, a sharp rise from 5.19 million tons of imports made a year earlier.
 

Fibre2fashion News Desk - India

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