The Customs Valuation Directorate in Karachi has established updated customs values for imported walnuts and almonds from the US and Australia to ensure accurate assessment of duties and taxes. On Monday, the directorate issued Valuation Rulings number 1826 of 2023, revising the values for these items. The new customs values apply to Almond Shelled (without Shell Cover) from the US and Australia, as well as walnuts from China, the US, and Chile/Argentina.
Previously, almond customs values were set under section 25A of the Customs Act, 1969, through Valuation Ruling No.1209/2017. Importers raised concerns, asserting that the existing values did not align with the current international market conditions. In response, the directorate conducted a thorough exercise to reevaluate these values.
Additionally, import data for almonds over the past three financial years was analyzed. In Pakistan, the import value decreased from Rs1.77 billion (2020-21) to Rs0.68 billion in 2022-23. However, through Afghan Transit Trade, the import value rose from Rs2.34 billion (2020-21) to Rs10.07 billion during the same period.
Following the statutory order of Section 25 of the Customs Act, 1969, the Directorate conducted a market survey, visiting various Retail/Wholesale markets to observe actual almond prices. Based on the collected data and the conducted exercise, the customs values for almonds were determined, as stated in the ruling.