Import price – Tarocchi Amore http://tarocchiamore.net/ Thu, 30 Dec 2021 18:28:21 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://tarocchiamore.net/wp-content/uploads/2021/08/default.png Import price – Tarocchi Amore http://tarocchiamore.net/ 32 32 Rising palm oil import prices worsen Pakistan’s trade deficit https://tarocchiamore.net/rising-palm-oil-import-prices-worsen-pakistans-trade-deficit/ Thu, 30 Dec 2021 18:28:21 +0000 https://tarocchiamore.net/rising-palm-oil-import-prices-worsen-pakistans-trade-deficit/ Rising palm oil import prices have worsened Pakistan’s trade deficit as it tries to cope with rising inflation and its dependence on foreign loans grows . Edible oil is a staple food in Pakistan, and 80 to 90 percent of its total demand is met by palm oil imported from Indonesia and Malaysia, according to […]]]>

Rising palm oil import prices have worsened Pakistan’s trade deficit as it tries to cope with rising inflation and its dependence on foreign loans grows . Edible oil is a staple food in Pakistan, and 80 to 90 percent of its total demand is met by palm oil imported from Indonesia and Malaysia, according to the Daily Times.

According to estimates by the United States Department of Agriculture (USDA), the per capita consumption of cooking oil in Pakistan is 24 kg. Palm oil imported into Pakistan is used to make a range of products such as vanaspati ghee, chocolates, soap and various bakery items. In addition, a developing country like Pakistan with a fragile economy, too dependent on international support and conditional programs from the International Monetary Fund (IMF), has been affected in many directions.

In addition, the inflation rate is skyrocketing and electricity becomes more and more expensive while gas has to be rationed. Palm oil importers and the Pakistan Association of Vanaspati Manufacturers (PVMA) have been very vocal about the recent increase in the import price of edible oils, especially palm oil, in the market, according to the Daily Times.

In addition to this, a record increase in fuel prices has hit the common man in Pakistan from all sides, making it a huge task to cope with daily expenses as the food security problem becomes more and more serious. Market sources predict that the country’s food import bill will increase further in the current 2021-22 fiscal year compared to last year. This is evident from the figures for the July-September quarter, which rose 66.11% to $ 18.74 billion from $ 11.28 billion in the corresponding months of last year.

Imports of edible oils have also seen a substantial increase in both quantity and value, according to the Daily Times. According to the news that comes out, negotiations between the government and industry stakeholders are still inconclusive as the rupee-dollar parity increases and to rationalize the duties and taxes on the import of edible oil, especially the palm oil, which accounts for 90 percent of the total. imports.

The government will be forced to take measures to modify trade agreements signed with Indonesia and Malaysia for preferential treatment with regard to the export of palm oil to Pakistan. Unless these corrective actions are taken, the middle and lower segments of the population will remain under relentless economic pressures. But right now, there isn’t enough light at the end of the economic tunnel, according to the Daily Times. (ANI)

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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Rising palm oil import prices aggravate Pakistan’s trade deficit problems https://tarocchiamore.net/rising-palm-oil-import-prices-aggravate-pakistans-trade-deficit-problems/ Thu, 30 Dec 2021 08:00:00 +0000 https://tarocchiamore.net/rising-palm-oil-import-prices-aggravate-pakistans-trade-deficit-problems/ NNA | Update: December 30, 2021 11:52 p.m. STI Islamabad [Pakistan], Dec 30 (ANI): Rising palm oil import prices have compounded Pakistan’s trade deficit problems as it tries to cope with rising inflation and its dependence on oil. regard to external lending increases.Edible oil is a staple food in Pakistan and 80-90% of its total […]]]>



NNA |
Update:
December 30, 2021 11:52 p.m. STI

Islamabad [Pakistan], Dec 30 (ANI): Rising palm oil import prices have compounded Pakistan’s trade deficit problems as it tries to cope with rising inflation and its dependence on oil. regard to external lending increases.
Edible oil is a staple food in Pakistan and 80-90% of its total demand is met by palm oil imported from Indonesia and Malaysia, according to the Daily Times.
According to estimates by the United States Department of Agriculture (USDA), the per capita consumption of cooking oil in Pakistan is 24 kg. Palm oil imported into Pakistan is used to make a range of products like vanaspati ghee, chocolates, soap and various baked goods.
In addition, a developing country like Pakistan, with a fragile economy that is overly dependent on international aid and conditional programs from the International Monetary Fund (IMF), has been affected in many directions.
In addition, the inflation rate is skyrocketing and electricity is becoming more and more expensive while gas must be rationed.

Palm oil importers and the Pakistan Vanaspati Manufacturers Association (PVMA) have been very vocal about the recent increase in the import price of edible oils, especially palm oil, in the market, according to the Daily Times.
On top of that, a record increase in fuel prices has hit the common man in Pakistan from all sides, making it a huge task to meet day-to-day expenses, with the issue of food security becoming more and more serious.
Market sources predict that the country’s food import bill will rise further in the current fiscal year 2021-22 compared to last year. This is evident from the figures for the July-September quarter, which increased by 66.11% to 18.74 billion dollars against 11.28 billion dollars in the corresponding months of last year.
Imports of edible oils have also seen a substantial increase in quantity and value, according to the Daily Times.
According to the news coming out, negotiations between the government and industry players are still inconclusive as the rupee-dollar parity rises and to streamline duties and taxes on the import of edible oil, especially l palm oil, which accounts for 90% of the total. imports.
The government will be forced to take action to modify the trade agreements signed with Indonesia and Malaysia for preferential treatment with regard to the export of palm oil to Pakistan.
If these corrective measures are not taken, the middle and lower segments of the population will remain under economic pressure unabated. But for now, there is not enough light at the end of the economic tunnel, according to the Daily Times. (ANI)

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Annual growth in US import prices peaks in 10 years in November https://tarocchiamore.net/annual-growth-in-us-import-prices-peaks-in-10-years-in-november/ Wed, 15 Dec 2021 14:27:00 +0000 https://tarocchiamore.net/annual-growth-in-us-import-prices-peaks-in-10-years-in-november/ (RTTNews) – Continuing the upward trend seen through most of 2021, the Labor Department released a report on Wednesday showing that U.S. import prices rose in line with economists’ estimates in November . The Labor Department said import prices rose 0.7% in November after rising by an upward revised rate of 1.5% in October. Economists […]]]>

(RTTNews) – Continuing the upward trend seen through most of 2021, the Labor Department released a report on Wednesday showing that U.S. import prices rose in line with economists’ estimates in November .

The Labor Department said import prices rose 0.7% in November after rising by an upward revised rate of 1.5% in October.

Economists expected import prices to rise 0.7% from the 1.2% jump initially reported for the previous month.

The increase in import prices partly reflects a further rise in fuel import prices, which climbed 2.0% in November after soaring 11.1% in October.

Excluding fuel imports, import prices rose 0.5% for the second month in a row due to higher prices for industrial supplies and materials excluding fuel, capital goods, consumer goods and goods. motor vehicles.

Compared with the same month a year ago, import prices in November rose 11.7%, reflecting the largest increase since September 2011.

“Resilient domestic demand is likely to continue to exceed supply hampered by the pandemic over the coming months,” said Mahir Rasheed, US economist at Oxford Economics. “Stronger global growth will also keep energy prices on solid footing, keeping import price inflation uncomfortably high until the first quarter of 2022.”

He added: “Subsequently, more sound management of supply and more moderate domestic consumption should gradually ease the pressure on import prices.

The report also showed that export prices jumped 1.0% in November after hitting a revised upward peak of 1.6% in October.

Economists expected export prices to rise 0.5% from the 1.5% increase initially reported for the previous month.

Prices for agricultural exports rose 0.8 percent on higher prices for wheat, fruits, cotton and corn, while prices for non-agricultural exports jumped 1.0 percent.

Export prices in November rose 18.2% year-on-year, posting the fastest increase since data was first released in September 1984.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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Rising Business Costs, Import Price Pressures to Drive Core Inflation in Singapore, Economy News & Top Stories https://tarocchiamore.net/rising-business-costs-import-price-pressures-to-drive-core-inflation-in-singapore-economy-news-top-stories/ https://tarocchiamore.net/rising-business-costs-import-price-pressures-to-drive-core-inflation-in-singapore-economy-news-top-stories/#respond Thu, 28 Oct 2021 04:00:00 +0000 https://tarocchiamore.net/rising-business-costs-import-price-pressures-to-drive-core-inflation-in-singapore-economy-news-top-stories/ SINGAPORE – Singapore’s core inflation will continue to rise in the coming quarters amid rising business costs and persistent pressure on import prices, the central bank said in its latest macroeconomic review released on Thursday. October 28. The Monetary Authority of Singapore (MAS) noted in its biannual review that while corporate cost pressures have been […]]]>

SINGAPORE – Singapore’s core inflation will continue to rise in the coming quarters amid rising business costs and persistent pressure on import prices, the central bank said in its latest macroeconomic review released on Thursday. October 28.

The Monetary Authority of Singapore (MAS) noted in its biannual review that while corporate cost pressures have been relatively contained so far, they are expected to accelerate next year due to factors such as shrinking government support measures.

As the national economy reopens and private consumption picks up, these accumulated trade costs will be passed on to consumers.

Externally, disruptions to global food production and consumer goods supply chains are likely to take time to subside, he added.

Inflated shipping and delivery costs, as well as material costs, which have weighed on business margins could also be passed on to consumers in the coming year, especially if demand persists.

For example, continued shortages of semiconductor chips for at least a year could keep consumer electronics prices firm, MAS noted.

The ongoing logistical crisis could continue to drive up global food prices, which would lead to increased price inflation for imported food in Singapore in the coming months and higher prices for uncooked food in turn.

Singapore’s central bank tightened monetary policy earlier this month in light of the expected rise in inflation, with the aim of ensuring price stability over the medium term.

The MAS predicts that core inflation – which excludes accommodation and private road transport costs – will drop from 1% to 2% next year. Headline inflation is expected to average between 1.5% and 2.5%.

Core inflation in Singapore increased in the third quarter of 2021 mainly due to external factors such as rising energy and food prices. The rise in labor costs was also reflected in the prices of some consumer services.

In its review, the central bank noted that globally, inflation has grown faster in economies where demand recovery has been stronger, such as the United States and the euro area.

In contrast, the slower recovery in demand in many Asian economies has weakened the pass-through of higher upstream costs to consumers.

Maybank Senior Economist Kim Eng Chua Hak Bin noted that in addition to rising energy and food prices, domestic price pressures are a growing concern.

“The rise in wages and logistics costs is partly passed on to consumers via higher prices,” he said, citing how the food and beverage industry is raising menu prices due to costs, despite challenges from the Covid-19 pandemic and increased restrictions.

Wage pressures can also manifest in health care costs, added Dr Chua.

CIMB Private Banking economist Song Seng Wun noted that external inflationary pressures are expected to persist, as global supply chain disruptions remain a concern and material costs continue to rise.

He noted that with demand picking up, persistent constraints on the supply side would mean higher prices are inevitable.

Labor demand will increase in 2022

The MAS also said that Singapore’s labor market recovery remains on track overall, although heightened alert measures to curb Covid-19 infections had temporary moderating effects in the second quarter of the year. .

Demand for resident and non-resident workers is expected to increase in 2022 as the economy grows at a “above trend rate,” he added.

However, he pointed out that the overall level of employment may not return to pre-Covid-19 levels, even by the end of 2022, in part because companies are expected to increase labor productivity and Demographic factors continue to weigh on the growth of the resident workforce. .


Demand for resident and non-resident workers is expected to increase in 2022. PHOTO: ST FILE

The central bank expects resident employment to continue growing in 2022, although it could slow from this year as the resident workforce is absorbed more.

“As the labor market tightens and business and worker confidence recovers alongside steady economic expansion, resident wage growth is expected to strengthen next year,” MAS said.

Non-resident employment is also expected to stabilize and then gradually increase as Singapore gradually shifts towards managing Covid-19 as an endemic standard and vaccination rates in the region improve, allowing more of workers to enter.

But the MAS has also warned that a significant pullback on the way out of the pandemic or weaker-than-expected global growth could slow the pace of Singapore’s labor market recovery.

Government policies aimed at improving the outcomes of the lowest paid Singaporeans – such as extending the graduated wage model to the retail sector and extending the qualifying local wage requirement to all employing companies of foreign workers from September 2022 – will also add slightly to overall wage growth in the economy, MAS said.

He stressed that the demand for labor is likely to continue to increase at a sustained rate in sectors such as information and communications, health and social services, and financial and insurance services. In these sectors, both employment and vacancies have exceeded pre-pandemic levels, suggesting tighter labor market conditions.

Labor costs for non-residents could also be higher in sectors where companies need to retain existing workers, such as construction and manufacturing, the MAS added.


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Export and import price indices https://tarocchiamore.net/export-and-import-price-indices/ https://tarocchiamore.net/export-and-import-price-indices/#respond Fri, 10 Sep 2021 07:22:13 +0000 https://tarocchiamore.net/export-and-import-price-indices/ In July 2021 export and import prices increased on a month-over-month basis by 3.1% and 2.4%, respectively. The terms of trade reached the value of 100.7%. Export and import prices increased 7.7% and 7.9% year-on-year respectively. The terms of trade reached the value of 99.8%. Monthly comparisonExport priceincreased by 3.1% (after 2.4% exchange rate adjustment), […]]]>

In July 2021 export and import prices increased on a month-over-month basis by 3.1% and 2.4%, respectively. The terms of trade reached the value of 100.7%. Export and import prices increased 7.7% and 7.9% year-on-year respectively. The terms of trade reached the value of 99.8%.

Monthly comparison
Export price
increased by 3.1% (after 2.4% exchange rate adjustment), month-on-month (ma) in July 2021. The increase in the monthly export price index was mainly affected by an increase in the prices of “manufactured products classified mainly by material”, in particular metal and steel products, by 5.3%. Prices increased in all watch groups. TThe highest price increase was recorded in “raw materials, inedible, except fuels”, notably wood, and “mineral fuels, lubricants and related materials”, notably electricity, of 10 , 2% and 7.9, respectively.

Import priceincreased by 2.4% (after adjustment of the exchange rate of 1.7%), mum, in June 2021. The biggest effect on an overall increase in the monthly import price index was brought about mainly by an 11.0% increase in “mineral fuels, lubricants and related materials” , in particular gas, petroleum, petroleum products and electricity. . The prices were raised the most in “manufactured products classified mainly by material”, in particular iron and steel, and in “raw materials, inedible, except fuels”, in particular metal ores, metal scrap and wood, 3.5% each. Prices fell 1.0% in “live food and animals”.

The terms of trade reaches the value of 100.7% (99.4% in June 2021). The highest positive terms of trade values ​​were reached in “raw materials, inedible, except fuels” (106.5%), “miscellaneous manufactured articles” (101.8%) and “manufactured products classified mainly by material” (101.7%). The lowest negative terms of trade value was reached in “mineral fuels, lubricants and related materials” (97.2%) and “chemicals and related products”. (99.0%).

“In July 2021, there was a significant year-over-year appreciation of the CZK to the EUR and the USD, which contributed to the slowdown in the price growth of exports and imports. ‘year after year. Nonetheless, the year-on-year export and import prices increased by 7.7% and 7.9%,respectively. As in previous months, significant growth in prices for mineral fuels and raw materials continued in July. Compared month to month and year to year, the prices of iron, steel, wood and electricity have increased significantly. VladimirKlimeš, noted the head of the Unit for Industrial Price and International Trade Statistics of the Czech Statistical Office.

Year-to-year comparison

Export price increased by 7.7% (of 10.4% after adjustment of the exchange rate), from one year to the next (year-on-year). The growth of the export price index was mainly affected by an increase in the prices of “manufactured products classified mainly by material”, notably iron and steel, by 13.1%. Prices increased significantly in “non-edible raw materials, except fuels”, in particular wood and scrap metal, “mineral fuels, lubricants and related materials”, in particular electricity, petroleum and gas products, and chemicals and related products “, by 66.7%, 51.4% and 13.9%, respectively. Lower prices were recorded in ‘beverages and tobacco’, by 4 , 2%.

Import priceincreased by 7.9%, year-on-year (by 11.1% after adjustment of the exchange rate). The growth in the prices of “mineral fuels, lubricants and related materials”, in particular petroleum, petroleum products, gas and electricity, of 86.4%, had the strongest effect on the increase in the annual import price index. Prices also increased by 39.8% in “non-edible raw materials, except fuels”, in particular metalliferous ores, scrap metal and wood, in “manufactured products classified mainly by material”, in particular iron and steel, and in “chemicals and allied products”. %, 11.8% and 10.6%, respectively. Prices fell the most in “miscellaneous manufactured articles” and “machinery and transport equipment” by 2.2% and 1.5%, respectively.

The terms of trade reaches the value of 99.8% (98.4% in June 2021). The lowest terms of trade value was reached in “mineral fuels, lubricants and related materials” (81.2%). In contrast, the highest terms of trade value was recorded in “Raw materials, inedible, except fuels” (119.2%).

___________________Remarks:
Responsible manager at CZSO: JiříMrázek, director of the price statistics service, phone: (+420) 274 052 533, e-mail: jiri.mrazek@czso.cz
Contact: VladimirKlimeš, Head of the Industrial Price and International Trade Statistics Unit, telephone: (+420) 274 054 102, e-mail: vladimir.klimes@czso.cz
Data source: CZSO sample survey
End of data collection: 15th calendar day after the end of the reference month
Related
Document published on the Internet: 013014-21 Indices of import and export prices in the Czech Republic
https://www.czso.cz/csu/czso/export-and-import-price-indices
Specific methodological notes: The data published in the press release are definitive data.
Next press release
will be published on: October 11, 2021


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US Import Prices Slowly Rise In July https://tarocchiamore.net/us-import-prices-slowly-rise-in-july/ https://tarocchiamore.net/us-import-prices-slowly-rise-in-july/#respond Sun, 15 Aug 2021 12:56:15 +0000 https://tarocchiamore.net/us-import-prices-slowly-rise-in-july/ U.S. import prices rose less than expected in July, a sign that inflationary pressures may have peaked as supply chain bottlenecks that have plagued the U.S. economy begin to ease . Import prices rose 0.3% last month after jumping 1.1% in June, the Labor Department said on Friday. The ninth consecutive monthly gain left the […]]]>

U.S. import prices rose less than expected in July, a sign that inflationary pressures may have peaked as supply chain bottlenecks that have plagued the U.S. economy begin to ease .

Import prices rose 0.3% last month after jumping 1.1% in June, the Labor Department said on Friday. The ninth consecutive monthly gain left the year-on-year increase at 10.2% from 11.3% the month before, but it was the smallest monthly increase since November of last year.

Economists polled by Reuters had forecast import prices, excluding tariffs, to rise 0.6%.

The government announced earlier this week that consumer prices moderated in July even though they remained at a 13-year annual high, as producer prices posted their largest annual increase in addition to more ‘a decade.

Rising COVID-19 vaccinations, low interest rates and nearly $ 6 trillion in government assistance since the start of the pandemic are fueling demand as commodity costs rise , low stocks and a global shipping container crisis are straining the supply chain.

Imported fuel prices advanced 2.9% last month after rising 5.5% in June. Oil prices rose 2.1%, while the cost of imported food rose 0.3%. Excluding fuel and food products, import prices edged down 0.1%. These so-called “core” import prices rose 0.6% in June.

The report also showed that export prices rose 1.3% in July after increasing 1.2% in June. The prices of agricultural exports fell by 1.7%. Non-agricultural export prices advanced 1.6%.

Export prices rose 17.2% year-on-year in July after jumping 16.9% in June.

(Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama)


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Rise in US import prices slows in July https://tarocchiamore.net/rise-in-us-import-prices-slows-in-july/ https://tarocchiamore.net/rise-in-us-import-prices-slows-in-july/#respond Fri, 13 Aug 2021 07:00:00 +0000 https://tarocchiamore.net/rise-in-us-import-prices-slows-in-july/ WASHINGTON, Aug. 13 (Reuters) – Import prices in the United States rose less than expected in July, a sign that inflationary pressures may have peaked as supply chain bottlenecks that have affected the US economy are starting to fade. Import prices rose 0.3% last month after jumping 1.1% in June, the Labor Department said on […]]]>

WASHINGTON, Aug. 13 (Reuters) – Import prices in the United States rose less than expected in July, a sign that inflationary pressures may have peaked as supply chain bottlenecks that have affected the US economy are starting to fade.

Import prices rose 0.3% last month after jumping 1.1% in June, the Labor Department said on Friday. The ninth consecutive monthly gain left the year-on-year increase at 10.2% from 11.3% the month before, but it was the smallest monthly increase since November of last year.

Economists polled by Reuters had forecast import prices, excluding tariffs, to rise 0.6%.

The government announced earlier this week that consumer prices moderated in July even though they remained at a 13-year annual high, as producer prices posted their largest annual increase in addition to more ‘a decade.

Rising COVID-19 vaccinations, low interest rates and nearly $ 6 trillion in government assistance since the start of the pandemic are fueling demand along with rising commodity costs, low stocks and a global shipping container crisis are straining the supply chain.

Imported fuel prices advanced 2.9% last month after rising 5.5% in June. Oil prices rose 2.1%, while the cost of imported food rose 0.3%. Excluding fuel and food products, import prices edged down 0.1%. These so-called “core” import prices rose 0.6% in June.

The report also showed that export prices rose 1.3% in July after increasing 1.2% in June. The prices of agricultural exports fell by 1.7%. Non-agricultural export prices advanced 1.6%.

Export prices rose 17.2% year-on-year in July after jumping 16.9% in June. (Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama)


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Japan Business Goods Price Index (CGPI) | Export price | Import price | 1960-2020 | Analysis | Chart https://tarocchiamore.net/japan-business-goods-price-index-cgpi-export-price-import-price-1960-2020-analysis-chart/ https://tarocchiamore.net/japan-business-goods-price-index-cgpi-export-price-import-price-1960-2020-analysis-chart/#respond Mon, 12 Jul 2021 07:00:00 +0000 https://tarocchiamore.net/japan-business-goods-price-index-cgpi-export-price-import-price-1960-2020-analysis-chart/ Published monthly by the Bank of Japan. Updated June 2021 (published July 12, 2020). Brief overview of “CGPI” The Business Goods Price Index (CGPI) published by the Bank of Japan measures changes in the prices of traded goods in the business sector. There are three indices, the producer price index, the export price index and […]]]>

Published monthly by the Bank of Japan. Updated June 2021 (published July 12, 2020).

Brief overview of “CGPI”

The Business Goods Price Index (CGPI) published by the Bank of Japan measures changes in the prices of traded goods in the business sector. There are three indices, the producer price index, the export price index and the import price index. These can be broken down to product level.

One of the objectives of the index is to capture the conditions of supply and demand for individual goods, as well as to provide material for economic valuation and monetary policy decision-making.

Historically, the producer price index has been more volatile than the consumer price index (CPI). This means that companies haven’t passed much of the price changes to consumers.

The producer price index increased from 1973 to 1974 and peaked at 33.8% year-on-year due to the oil crisis of 1973. Subsequently, the index increased significantly again from 1979 to 1980 at 18.4% year-on-year due to the oil crisis of 1979. Between the years 1981-2019, the index remained relatively stable with a maximum of + 7.9% yoy and a minimum of -8.6 % in GA. During the same period, the index average was -0.2% year-on-year, signifying continued deflationary pressure in the Japanese economy.

For more information visit the official government page

Year-on-year change in the ICGP and the CPI

Year-on-year change in the ICPC and the import price index

Source: BoJ, JMA

The next release date: 12 auguste, 2021.


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India cuts base price for gold and silver imports https://tarocchiamore.net/india-cuts-base-price-for-gold-and-silver-imports/ Thu, 01 Jul 2021 07:00:00 +0000 https://tarocchiamore.net/india-cuts-base-price-for-gold-and-silver-imports/ The Indian government reduced the base import price for palm oil, soybean oil, gold and silver as prices fell in the overseas market. Basic import prices, usually revised every fortnight, are used to calculate the duties on gold and silver that individuals bring into the country. Gold prices in India include 7.5% import duty and […]]]>

The Indian government reduced the base import price for palm oil, soybean oil, gold and silver as prices fell in the overseas market. Basic import prices, usually revised every fortnight, are used to calculate the duties on gold and silver that individuals bring into the country. Gold prices in India include 7.5% import duty and 3% GST.

According to the government notification, the tariff value on imported gold and silver is now $ 566 per 10 grams and $ 836 per kg. This notification is effective from July 1, 2021.

Prior to the latest reduction, the tariff value on imported gold and silver was $ 601 per 10 grams and $ 893 per kilogram, respectively.

According to the government notification, the tariff value of $ 566 per 10 grams of imported gold will apply to

– Gold bars, other than tola bars, bearing the engraved serial number of the manufacturer or refiner and the weight expressed in metric units;

-Gold coins having a gold content of not less than 99.5% and discoveries of gold, other than imports of such goods by post, courier or baggage.

(For the purpose of this entry, “gold finds” refer to a small component such as a hook, clasp, clip, pin, latch, screw back used to hold all or part of a jewel in place.)

The tariff value of $ 836 per kg on imported silver will apply to

-Silver, in any form whatsoever, except medallions and coins of which a silver content is not less than 99.9% or semi-worked forms of silver

-Silver medallions and coins having a silver content of not less than 99.9% or semi-worked forms of silver falling within subheading 7106 92, except for imports of such goods by post, courier or baggage.

(For the purpose of this entry, money in any form does not include foreign currency coins, silver jewelry, or silver items.)

(With contributions from the agency)

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Reduced basic gold and silver import price in India https://tarocchiamore.net/reduced-basic-gold-and-silver-import-price-in-india/ https://tarocchiamore.net/reduced-basic-gold-and-silver-import-price-in-india/#respond Thu, 01 Jul 2021 07:00:00 +0000 https://tarocchiamore.net/reduced-basic-gold-and-silver-import-price-in-india/ Business oi-Sneha Kulkarni | Posted: Thursday July 1st, 2021 10:53 AM [IST] The basic import price of gold and silver has been reduced by the Indian government. The tariff on imported gold and silver is calculated based on the base import prices, which are updated every two weeks. Gold prices in India include 7.5% import […]]]>

Business

oi-Sneha Kulkarni

|

The basic import price of gold and silver has been reduced by the Indian government. The tariff on imported gold and silver is calculated based on the base import prices, which are updated every two weeks. Gold prices in India include 7.5% import tax and 3% GST.

The value of duties on imported gold and silver is currently $ 566 per 10 grams and $ 836 per kilogram, according to the government notification. July 1, 2021 is the effective date of this announcement.

The value of the duties on the imported gold and silver was $ 601 per 10 grams and $ 893 per kilogram before the further reduction.

According to the government’s announcement, imported gold will be subject to a levy of $ 566 per 10 kilograms. Other than tola bars, gold bars with an engraved serial number and a weight in metric units from the producer or refiner. Gold coins and gold discoveries with a gold content of at least 99.5%, excluding imports of these products by post, courier or baggage.

A small component such as a hook, clasp, clip, pin, latch, or screw back used to hold all or part of a piece of jewelry in place is called “gold findings” for the purposes of this entry.

Silver in any form, other than medallions and silver coins with a silver content of at least 99.9% or semi-worked forms of silver, will be subject to a tariff value of $ 836 per kilogram on imported silver. With the exception of the importation of these products by post, courier or baggage, medallions and silver coins with a silver content of at least 99.9% or semi-worked forms of money.

For the purpose of this entry, money does not include foreign currency coins, silver jewelry, or silver products in any form.

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Article first published: Thursday July 1st, 2021, 10:53 AM [IST]


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