Tag: imports

Government bans apple imports if its price is less than Rs 50 per Kg

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New Delhi: The government on Monday banned the import of apples if its imported price is less than Rs 50 per Kg.
The directorate general of foreign trade (DGFT) said in a notification that the imports are free if the price is above Rs 50 per kg.
“Import of apples…is prohibited wherever the CIF (cost, insurance, freight) import price is less than equal to Rs 50 per Kg,” DGFT said in the notification.

The minimum import price condition shall not be applicable for imports from Bhutan, it added.
In 2023, India imported apples worth USD 296 million against USD 385.1 million in 2022.
The main countries which export apples to India include the US, Iran, Brazil, UAE, Afghanistan, France, Belgium, Chile, Italy, Turkey, New Zealand, South Africa and Poland
Imports from South Africa rose 84.8 per cent to USD 18.53 million during April-February 2022-23.
Similarly from Poland, the inbound shipments of apple increased by 83.36 per cent to USD 15.39 million. However, imports declined from countries like the US, UAE, France and Afghanistan.

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( With inputs from www.siasat.com )

May 8, 2023
Ukraine’s bumper grain exports rile allies in eastern EU

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Ukraine’s farmers played an iconic role in the first weeks of Russia’s invasion, towing away abandoned enemy tanks with their tractors.
Now, though, their prodigious grain output is causing some of Ukraine’s staunchest allies to waver, as disrupted shipments are redirected onto neighboring markets.
The most striking is Poland, which has played a leading role so far in supporting Ukraine, acting as the main transit hub for Western weaponry and sending plenty of its own. But grain shipments in the other direction have irked Polish farmers who are being undercut — just months before a national election where the rural vote will be crucial.

Diplomats are floundering. After a planned Friday meeting between the Polish and Ukrainian agriculture ministers was postponed, the Polish government on Saturday announced a ban on imports of farm products from Ukraine. Hungary late Saturday said it would do the same.
Ukraine is among the world’s top exporters of wheat and other grains, which are ordinarily shipped to markets as distant as Egypt and Pakistan. Russia’s invasion last year disrupted the main Black Sea export route, and a United Nations-brokered deal to lift the blockade has been only partially effective. In consequence, Ukrainian produce has been diverted to bordering EU countries: Hungary, Poland, Romania and Slovakia.
At first, those governments supported EU plans to shift the surplus grain. But instead of transiting seamlessly onto global markets, the supply glut has depressed prices in Europe. Farmers have risen up in protest, and Polish Agriculture Minister Henryk Kowalczyk was forced out earlier this month.
Now, governments’ focus has shifted to restricting Ukrainian imports to protect their own markets. After hosting Ukrainian President Volodymyr Zelenskyy in Warsaw in early April, Polish President Andrzej Duda said resolving the import glut was “a matter of introducing additional restrictions.”
The following day, Poland suspended imports of Ukrainian grain, saying the idea had come from Kyiv. On Saturday, Polish Prime Minister Mateusz Morawiecki, after an emergency cabinet meeting, said the import ban would cover grain and certain other farm products and would include products intended for other countries. A few hours later, the Hungarian government announced similar measures. Both countries said the bans would last until the end of June.
The European Commission is seeking further information on the import restrictions from Warsaw and Budapest “to be able to assess the measures,” according to a statement on Sunday. “Trade policy is of EU exclusive competence and, therefore, unilateral actions are not acceptable,” it said.
While the EU’s free-trade agreement with Ukraine prevents governments from introducing tariffs, they still have plenty of tools available to disrupt shipments.
Neighboring countries and nearby Bulgaria have stepped up sanitary checks on Ukrainian grain, arguing they are doing so to protect the health of their own citizens. They have also requested financial support from Brussels and have already received more than €50 million from the EU’s agricultural crisis reserve, with more money on the way.
Restrictions could do further harm to Ukraine’s battered economy, and by extension its war effort. The economy has shrunk by 29.1 percent since the invasion, according to statistics released this month, and agricultural exports are an important source of revenue.
Cracks in the alliance
The trade tensions sit at odds with these countries’ political position on Ukraine, which — with the exception of Hungary — has been strongly supportive. Poland has taken in millions of Ukrainian refugees, while weapons and ammunition flow in the opposite direction; Romania has helped transport millions of tons of Ukrainian corn and wheat.
Volodymyr Zelenskyy and Poland’s Prime Minister, Mateusz Morawiecki | Omar Marques/Getty Images
Some Western European governments, which had to be goaded by Poland and others into sending heavy weaponry to Kyiv, are quick to point out the change in direction.
“Curious to see that some of these countries are [always] asking for more on sanctions, more on ammunition, etc. But when it affects them, they turn to Brussels begging for financial support,” said one diplomat from a Western country, speaking on condition of anonymity.
Some EU countries also oppose the import restrictions for economic reasons. For instance, Spain and the Netherlands are some of the biggest recipients of Ukrainian grain, which they use to supply their livestock industries.
Politically, though, the Central and Eastern European governments have limited room for maneuver. Poland and Slovakia are both heading into general elections later this year. Bulgaria has had a caretaker government since last year. Romania’s agriculture minister has faced calls to resign, including from a compatriot former EU agriculture commissioner.
And farmers are a strong constituency. Poland’s right-wing Law & Justice (PiS) party won the last general election in 2019 thanks in large part to rural voters. The Ukrainian grain issue has already cost a Polish agriculture minister his job; the government as a whole will have to tread carefully to avoid the same fate.
This article has been updated.

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( With inputs from : www.politico.eu )

April 11, 2023
Germany, Japan pledge to boost cooperation on economic security

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Germany and Japan agreed on Saturday to strengthen cooperation on economic security in the aftermath of tensions over global supply chains and the economic impact of the war in Ukraine.
In the first high-ministerial government consultations held between the two countries, German Chancellor Olaf Scholz reached out to Tokyo to seek to reduce Germany’s dependence on China for imports of raw materials.
“The current challenges of our time make it clear: It is important to expand cooperation with close partners and acquire new partners. We want to reduce dependencies and increase the resilience of our economies.” the German chancellor said in a tweet.
Scholz and Japanese Prime Minister Fumio Kishida said they believe the agreement will allow both countries to diversify value chains in order to be able to reduce economic risks.
In a joint statement, the two countries said they will work on establishing “a legal framework for bilateral defense and security cooperation activities,” including ways to protect critical infrastructures, trade routes and to secure future supply of sustainable energy.
Germany’s decision to prioritize consultations with Japan came after the Asian country put forward an economic security bill last year aimed at securing the uptake of technology and bolstering critical supply chains.
Japan is Germany’s second-largest trading partner in Asia after China, with a bilateral trade volume of €45.7 billion mainly based on the import and export of machinery, vehicles, electronics and chemical products.
The two leaders also exchanged views on the situation in Ukraine, cooperation in the Indo-Pacific region and the G7 meeting in Hiroshima scheduled for May.

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( With inputs from : www.politico.eu )

March 15, 2023
On eve of war anniversary, EU fails to finalize Russia sanctions deal

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The EU has failed to sign off on a much-anticipated round of sanctions against Russia, leaving the bloc struggling to finalize a deal in time to mark the first anniversary on Friday of Vladimir Putin’s invasion of Ukraine.
Talks will now run into Ukraine’s official commemorations of its first year at war, casting into doubt European Commission President Ursula von der Leyen’s recent promise to President Volodymyr Zelenskyy in Kyiv to deliver a 10th round of sanctions by then.
Diplomats said agreement had been reached on nearly all of the package, but Poland was objecting to proposed restrictions on imports of synthetic rubber that it claims aren’t strong enough.
While acknowledging holding up the package, Warsaw denied being the problem. “We are not blocking sanctions,” a Polish official said on condition of anonymity. “We just want to have sanctions that make sense.”
All other points have been agreed on, four EU diplomats said.
The Commission was continuing talks with some EU countries on Thursday evening in search of a compromise, according to two of the diplomats. Another meeting of ambassadors from the 27 EU member countries will be held on Friday morning, four diplomats said, to try and secure a deal.
Poland’s objection related to proposed restrictions on imports of synthetic rubber from Russia. Sanctions hawks had called for a complete ban, but in an effort to appease other countries that rely on those imports the Commission suggested setting a quota limit at 560,000 metric tons, an EU diplomat said.
That’s even higher than current imports, the Polish official said. While several EU diplomats said Poland had been the most outspoken opponent of this quota, others have also expressed their discontent over derogations for certain companies. One EU diplomat said that the proposed quota “makes the sanction meaningless.”

Trade data show that imports from Russia haven’t exceeded that quota in the last decade.
The current package already excludes other controversial points, like a ban on Russian diamond imports, making it easier to sanction the family members and the entourages of oligarchs, or sanctioning certain employees of state nuclear company Rosatom.
Patience was running out, with another EU diplomat calling Poland’s move “unsustainable.”
Victor Jack contributed reporting.

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( With inputs from : www.politico.eu )

February 21, 2023
India reaps pricing benefits of crude oil imports from Russia

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Chennai: In the case of oil imports, India till now is on a firm path of sourcing the product cheaply from Russia since the latters invasion of Ukraine.
This is much against the wishes of the western powers who want to bring down the Russian economy by curbing its oil revenue.
However, the Indian government has categorically said that it would source what it needs from where the price is advantageous.
The government also said its three oil marketing companies are not buying crude from Russia but only the private companies are the ones who are buying, refining and shipping out.
According to reports, India’s exports of petroleum products shot up to $78.58 billion for the period April 2022 to January 2023, from $50.77 billion shipped out during the previous year corresponding period.
Fueled by the imports of crude oil, India’s imports from Russia went up by about 384 per cent to $37.31 billion during April 2022-January 2023. As a result, Russia became India’s fourth largest import partner up from 18th position in 2021-22.
The soaring oil imports from Russia have prevented India from paying for the commodities in Rupees.
Queried about the impact of the Russia-Ukraine war on the Indian oil sector, Sweta Patodia, AVP, Analyst, Moody’s Investors Service told IANS: “Crude oil and international fuel prices have surged following the Russia-Ukraine war. Net realized prices for the oil marketing companies in India, however, have not increased at the same pace which has resulted in significant marketing losses for them.

“While the marketing losses were steep in the first half of the fiscal year, it has narrowed since then.”
According to Patodia, the EU imposed price cap on Russian crude purchases will have an impact on the overall crude oil market but any assessment of specific impact will be speculative.
On the Russian announcement of cutting down oil production following the price cap, Patodia said: “Reduction in oil production from Russia, if not met by a corresponding increase in production from other producers or demand moderation, will reduce the overall supply relative to demand and may strengthen the crude oil prices.”
According to a recent credit rating report by ICRA on Oil and Natural Gas Corporation Limited (ONGC), the latter’s subsidiary OVL’s assets in Russia were impacted due to geopolitical issues and normal operations in these are expected to resume shortly.
Moody’s in a research report last March said ONGC, Oil India, Indian Oil Corporation and Bharat Petroleum Corporation Ltd (BPCL) have invested in upstream oil and gas assets in Russia.
According to Moody’s import bans and international sanctions on Russia may constrain the future cash flow-generating capacity of these assets and lead to impairment losses for the companies.
Indian companies, however, have not announced an exit from their Russian investments. An immediate impairment in the value of investments will be limited, especially in the current oil price environmentChennai, Feb 18 (IANS) In the case of oil imports, India till now is on a firm path of sourcing the product cheaply from Russia since the latters invasion of Ukraine.
This is much against the wishes of the western powers who want to bring down the Russian economy by curbing its oil revenue.
However, the Indian government has categorically said that it would source what it needs from where the price is advantageous.
The government also said its three oil marketing companies are not buying crude from Russia but only the private companies are the ones who are buying, refining and shipping out.
According to reports, India’s exports of petroleum products shot up to $78.58 billion for the period April 2022 to January 2023, from $50.77 billion shipped out during the previous year corresponding period.
Fueled by the imports of crude oil, India’s imports from Russia went up by about 384 per cent to $37.31 billion during April 2022-January 2023. As a result, Russia became India’s fourth largest import partner up from 18th position in 2021-22.
The soaring oil imports from Russia have prevented India from paying for the commodities in Rupees.
Queried about the impact of the Russia-Ukraine war on the Indian oil sector, Sweta Patodia, AVP, Analyst, Moody’s Investors Service told IANS: “Crude oil and international fuel prices have surged following the Russia-Ukraine war. Net realized prices for the oil marketing companies in India, however, have not increased at the same pace which has resulted in significant marketing losses for them.
“While the marketing losses were steep in the first half of the fiscal year, it has narrowed since then.”
According to Patodia, the EU imposed price cap on Russian crude purchases will have an impact on the overall crude oil market but any assessment of specific impact will be speculative.
On the Russian announcement of cutting down oil production following the price cap, Patodia said: “Reduction in oil production from Russia, if not met by a corresponding increase in production from other producers or demand moderation, will reduce the overall supply relative to demand and may strengthen the crude oil prices.”
According to a recent credit rating report by ICRA on Oil and Natural Gas Corporation Limited (ONGC), the latter’s subsidiary OVL’s assets in Russia were impacted due to geopolitical issues and normal operations in these are expected to resume shortly.
Moody’s in a research report last March said ONGC, Oil India, Indian Oil Corporation and Bharat Petroleum Corporation Ltd (BPCL) have invested in upstream oil and gas assets in Russia.
According to Moody’s import bans and international sanctions on Russia may constrain the future cash flow-generating capacity of these assets and lead to impairment losses for the companies.
Indian companies, however, have not announced an exit from their Russian investments. An immediate impairment in the value of investments will be limited, especially in the current oil price environment.
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( With inputs from www.siasat.com )

February 18, 2023
Putin is staring at defeat in his gas war with Europe

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There’s more bad news for Vladimir Putin. Europe is on course to get through winter with its vital gas storage facilities more than half full, according to a new European Commission assessment seen by POLITICO.
That means despite the Russian leader’s efforts to make Europe freeze by cutting its gas supply, EU economies will survive the coldest months without serious harm — and they look set to start next winter in a strong position to do the same.
A few months ago, there were fears of energy shortages this winter caused by disruptions to Russian pipeline supplies.

But a combination of mild weather, increased imports of liquefied natural gas (LNG), and a big drop in gas consumption mean that more than 50 billion cubic meters (bcm) of gas is projected to remain in storage by the end of March, according to the Commission analysis.
A senior European Commission official attributed Europe’s success in securing its gas supply to a combination of planning and luck.
“A good part of the success is due to unusually mild weather conditions and to China being out of the market [due to COVID restrictions],” the official said. “But demand reduction, storage policy and infrastructure work helped significantly.”
Ending the winter heating season with such healthy reserves — above 50 percent of the EU’s roughly 100bcm total storage capacity — removes any lingering fears of a gas shortage in the short term. It also eases concerns about Europe’s energy security going into next winter.
The positive figures underlie the more optimistic outlook presented by EU leaders in recent days, with Energy Commissioner Kadri Simson saying on Tuesday that Europe had “won the first battle” of the “energy war” with Russia.
EU storage facilities — also vital for winter gas supply in the U.K., where storage options are limited — ended last winter only around 20 percent full. Brussels mandated that they be replenished to 80 percent ahead of this winter, requiring a hugely expensive flurry of LNG purchases by European buyers, to replace volumes of gas lost from Russian pipelines.
The wholesale price of gas rose to record levels during storage filling season — peaking at more than €335 per megawatt hour in August — with dire knock-on effects for household bills, businesses’ energy costs and Europe’s industrial competitiveness.
Gas prices have since fallen to just above €50/Mwh amid easing concerns over supplies. The EU has a new target to fill 90 percent of gas storage again by November 2023 — an effort that will now require less buying of LNG on the international market than it might have done had reserves been more seriously depleted.
“The expected high level of storages at above 50 percent [at] the end of this winter season will be a strong starting point for 2023/24 with less than 40 percent to be filled (against the difficult starting point of around 20 percent in storage at the end of winter season in 2022,” the Commission assessment says.
Analysts at the Independent Commodity Intelligence Services think tank said this week that refilling storages this year could still be “as tough a challenge as last year” but predicted that the EU now had “more than enough import capacity to meet the challenge.”
Across the EU, five new floating LNG terminals have been set up — in the Netherlands, Greece, Finland and two in Germany — providing an extra 30bcm of gas import capacity, with more due to come online this year and next.
However, the EU’s ability to refill storages to the new 90 percent target ahead of next winter will likely depend on continued reduction in gas consumption.
Brussels set member states a voluntary target of cutting gas demand by 15 percent from August last year. Gas demand actually fell by more than 20 percent between August and December, according to the latest Commission data, partly thanks to efficiency measures but also the consequence of consumers responding to much higher prices by using less energy.
The 15 percent target may need to be extended beyond its expiry date of March 31 to avoid gas demand rebounding as prices fall. EU energy ministers are set to discuss the issue at two forthcoming meetings in February and March.

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( With inputs from : www.politico.eu )

February 16, 2023
In from the coal: Australia sheds climate pariah status to make up with Europe

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Europe loves the Aussies again.
Australia was, until recently, an international pariah on climate change and a punchline in Brussels. But a new government in Canberra coupled with Europe’s energy and economic woes mean a better relationship is now emerging — one that could fuel Europe’s transition to a clean economy, while enriching Australia immensely.
“Europe is energy hungry and capital rich, Australia’s energy rich and capital hungry, and that means that there’s a lot that we can do together,” said Australia’s Minister for Climate Change and Energy Chris Bowen.
A little over a year ago, relations between Australia and the EU were in a parlous state. The government of Prime Minister Scott Morrison had reneged on a nuclear submarine contract — a decision the current government stands by — incensing the French and by extension the EU. Equally as frustrating for many Europeans was Australia’s climate policy, which was viewed as outstandingly meager even in a lackluster global field.
The election of Labor Prime Minister Anthony Albanese — whose father was Italian — last May brought a change in tone, as well as a new climate target and a trickle of policies designed to cut greenhouse gas pollution that heats up the planet.
Those moves were “the entry ticket” to dealings with Europe, Bowen told POLITICO in Brussels, the second-last stop on a European tour. “Australia’s change of climate positioning, climate policy, has changed our position in the world.”
That’s been most notable in progress on talks on a free trade agreement with the EU. Landing that deal would be a “big step forward,” said Bowen. Particularly because when it comes to clean energy, Australia wants to sell and Europe wants to buy.
Using the vast sunny desert in its interior, Australia could be a “renewable energy superpower,” Bowen argued. Solar energy can be tapped to make green hydrogen and shipped to Europe, he said.

European governments are listening closely to the pitch. Bowen was in Rotterdam on Monday, inspecting the potential to use the Netherlands port as an entry for antipodean hydrogen. He signed a provisional deal with the Dutch government to that end. Last week, Bowen announced a series of joint investments with the German government in Australian hydrogen research projects worth €72 million.
It’s not just sun, Australia has tantalum and tungsten and a host of minerals Europe needs for building clean tech, but that it currently imports. In many cases those minerals are refined or otherwise processed in China, a dependency that Brussels is keen to rapidly unwind — not least with its Critical Raw Materials Act, expected in March.
According to a 2022 government report, Australia holds the second-largest global reserves of cobalt and lithium, from which batteries are made, and is No. 1 in zirconium, which is used to line nuclear reactors.
Asked whether Australia can ease Europe’s dependence on China, Bowen said: “We want to be a very strong factor in the supply chains. We’re a trusted, reliable trading partner. We have strong ethical supply chains. We have strong environmental standards.”
But Australia has its own entanglements.
Certain Australian minerals, notably lithium, are largely refined and manufactured in China. Bowen said he was keen on bringing at least some of that resource-intensive, polluting work back to Australia.
While its climate targets are now broadly in line with other rich nations, the rehabilitation of Australia’s climate image jars with its role as one of the biggest fossil fuel sellers on the planet.
Australia’s coal exports, when burned in overseas power plants, generate huge amounts of planet-warming pollution — almost double the amount produced annually by Australians within their borders. Australia is also the third-largest exporter of natural gas, including an increasing flow to the EU. At home, the government is facing calls from the Greens party and centrist climate independents to reject plans for more than 100 coal and gas developments around the country.
But how many of Bowen’s counterparts raised the issue of Australia’s emissions during his travels around Europe? “Nobody,” he said. “We are here to help.”
Antonia Zimmermann contributed reporting.

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( With inputs from : www.politico.eu )

February 8, 2023
Russian diamonds lose their sparkle in Europe

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In the European bubble in Brussels, diamonds aren’t anyone’s best friend anymore.
The Belgian government’s reluctance to ban imports of Russian diamonds, which would hurt the city of Antwerp, a global hub for the precious stones, has outraged Ukraine and its supporters within the EU.
Ukraine has been pushing to stop the import of Russian rough diamonds because the trade enriches Alrosa, a partially state-owned Russian enterprise.

While such a crackdown wouldn’t inflict the same damage on Vladimir Putin’s economy as a prohibition on all fossil fuels, for example, the continuing flow of Russian diamonds has become a symbol of Western countries putting their national interests above those of Ukraine.
New plans for a fresh round of sanctions against Putin have now reignited the debate over the morality of Europe’s trade in diamonds from Russia.
Belgium is fed up with being scapegoated. According to Prime Minister Alexander De Croo, Putin’s ability to sell diamonds to all western markets now needs to be shut off.
“Russian diamonds are blood diamonds,” De Croo said in a statement to POLITICO. “The revenue for Russia from diamonds can only stop if the access of Russian diamonds to Western markets is no longer possible. On forging that solid front, Belgium is working with its partners.”
The West’s economic war against Russia has already had an impact. Partly because of U.S. sanctions, the Russian diamond trade in Antwerp has already been severely hit. But those rough Russian diamonds are diverted to other diamond markets, and often find their way back to the West, cut and polished.
That’s why Belgium is working with partners to introduce a “watertight” traceability system for diamonds, a Belgian official said. If it works, this could hurt Moscow more than if Washington or Brussels are flying solo.
“Europe and North America together represent 70 percent of the world market for natural diamonds,” the official said. “Based on this market power, we can ensure the necessary transparency in the global diamond sector and structurally ban blood diamonds from the global market. The war in Ukraine provides for a strong momentum.”
Sanctions at last?
Belgium’s offensive comes just when its position on sanctioning Russian diamonds is under renewed attack — not just from other EU countries and Belgian opposition parties, but also within De Croo’s own government.
According to Belgian Prime Minister Alexander De Croo, Putin’s ability to sell diamonds to all western markets now needs to be shut off | Laurie Dieffembacq/Belga Mag/AFP via Getty Images
The EU is preparing a new round of sanctions against Russia ahead of the first anniversary of Putin’s invasion of Ukraine on February 24. Countries such as Poland and Lithuania are again urging the EU to include diamonds. However, one EU diplomat said the discussion is now more an “intra-Belgian fight than a European one.”
De Croo leads a coalition of seven ideologically diverse parties. The greens and socialists within his government are pushing him to actively lobby for hitting diamonds in the next EU sanctions round.
In particular, Vooruit, the Dutch-speaking socialist party, is making a renewed push. Belgian MP Vicky Reynaert will be introducing a new resolution in the Belgian Parliament proposing an import ban.
“It’s becoming impossible to explain that Belgium is not open to blocking Russian diamonds,” Reynaert said. “We want Belgium to actively engage with the European Commission to take action.” Belgian socialist MEP Kathleen Van Brempt is pushing the same idea at the European level.
But the initiative from the socialists isn’t likely to deliver an import ban, or even import quotas, four officials from other Belgian political parties said. De Croo is now set on an international solution instead. No one expects the socialists to destabilize De Croo’s fragile Belgian coalition government over the issue of diamonds.
Even if all seven parties in the Belgian government did agree to hit Russian diamonds, there would be another key obstacle.
In the complicated Belgian political system, the regional governments would have a say as well. The government of the northern region of Flanders is against an import ban. That government is led by the Flemish nationalists, whose party president, Bart De Wever, is also the mayor of Antwerp. “Nothing will change their minds on this,” one of the Belgian officials said of the nationalists’ position.
Blood diamonds
Belgium hopes that by building an international coalition to trace Russia’s “blood diamonds” it will finally stop being seen as a roadblock to action.
The industry agrees. “Sanctions are not the solution,” said Tom Neys of the Antwerp World Diamond Centre. “An international framework of complete transparency, with the same standards of compliance as Antwerp, can be that solution,” he said.
Such a transatlantic plan would have a huge impact, according to Hans Merket, a researcher with the International Peace Information Service, a human rights nonprofit organization. “That would have much more effect than the current U.S. sanctions, which are being circumvented,” said Merket.
But the devil will be in the details. Will Belgium succeed in building a transatlantic coalition? Are consumers willing to pay more for their diamonds, or does it still risk diverting the goods to other markets where traders are less diligent?
One of the Belgian officials was doubtful of Belgium’s chances of success. If the international alliance falters, Belgium and the EU should consider moving ahead on their own to convince the rest of the world to act. “But let’s give De Croo a shot at this,” the official said.

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( With inputs from : www.politico.eu )

January 24, 2023
Pakistan’s mobile phone imports decline 66% in 1st half of FY 2023

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Islamabad: Pakistan’s mobile phone imports declined by 66 percent in the first half of the current fiscal year 2022-2023, compared to the same period of the last fiscal year, according to official figures.
The mobile phone imports into the country were recorded at $362.86 million in July-December of the ongoing fiscal year as against the imports of $1,090.64 million during the same months of the fiscal year 2021-22, showing a decline of 66.73 percent, the Pakistan Bureau of Statistics (PBS) figures revealed.
Meanwhile, on a year-to-year basis, the import of mobile phones also dipped by 69.1 percent during the month of December 2022 when compared to the same month of last year, Xinhua news agency quoted the Bureau as saying.
However, on a month-on-month basis, the imports of mobile phones witnessed an increase of 12.04 percent during December 2022, as compared to the imports of $64.52 million during November 2022, according to PBS data.
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( With inputs from www.siasat.com )

January 23, 2023