The Directorate General of Customs Valuation Karachi has revised customs values on the import of “Skimmed Milk Powder and Instant Milk Powder” from New Zealand, Australia, Europe, Canada, USA, Turkey, and Iran.
In this regard, the directorate has issued a new valuation ruling (1880 of 2024), superseding the earlier ruling of 1638 of 2022.
The new ruling states that the customs values of Skimmed Milk Powder and Instant Milk Powder were previously determined under Valuation Ruling No. 1638/2022. As this valuation was around two years old and no longer reflective of the current international market, a re-evaluation was necessary.
Stakeholders noted that prices in the international market have shown a downward trend since the last Valuation Ruling. It was highlighted that skimmed milk powder is primarily imported in bulk and used mainly in the preparation of confectionery items.
The ruling explained that important macroeconomic indicators, which can affect the value and import volume of the products, have been analyzed. For example, the exchange rate of the Pakistani Rupee against the US Dollar was Rs. 190.55 when the Valuation Ruling was issued on April 27, 2022. This exchange rate has since changed to Rs. 278.10. Consequently, a market inquiry was conducted.
The new customs values will apply to the import of Skimmed Milk Powder (in retail packing up to 5kg per pack), Skimmed Milk Powder (in bulk packing), Instant Milk Powder with vegetable fat (in retail packing up to 5kg per pack), and Instant Milk Powder with vegetable fat (in bulk packing).
