ISLAMABAD: The Directorate General of Valuation (Customs) has fixed new customs values (US$4.2 to US$6.3 per kg) on the import of industrial sewing machine needles from China, Vietnam, and South Korea.

The industrial sewing machine needles are used for commercial sewing operations.

According to a new valuation ruling (44 of 2024) issued by the directorate, the customs values of Industrial Sewing Machine Needles were determined in 2023. However, stakeholders requested to re-determine customs values in line with the prevalent international market. Therefore, an exercise has been undertaken by this Directorate. Moreover, prices of stainless steel - basic ingredients for manufacturing of industrial sewing machine needles are also published in London Metal Bulletin which has been taken as a base to ensure transparency, fairness and uniformity in assessment.

Customs values of various goods changed

Therefore, valuation method was examined for the valuation of the subject goods keeping in view the LME prices of constituent raw material, ie, steel billet as published in LMB and adding applicable manufacturing cost and actual freight.

All the information gathered was evaluated and new values have been issued, the ruling added.

Copyright Business Recorder, 2024