The directorate general of customs valuation in Karachi has issued new customs values for the import of “skimmed milk powder and instant milk powder” from countries like New Zealand, Australia, Europe, Canada, the USA, Turkey, and Iran.

The new valuation replaces the previous ruling from 2022, which was found to be “no longer reflective” of the current international market prices, Business Recorder reported.

Stakeholders had informed the directorate that global prices for milk powder had shown a downward trend since the last ruling was issued. It was also noted that skimmed milk powder was primarily imported in bulk for use in confectionery products.

The directorate analysed key macroeconomic indicators that could impact the value and import quantities of such goods. This included the exchange rate of the Pakistani rupee against the US dollar, which has changed significantly from Rs190.55 when the previous ruling was issued to the current rate of Rs278.10.

Based on this analysis and market inquiries, the new customs values will apply to the import of:

• Skimmed milk powder in retail packs up to 5kg
• Skimmed milk Powder in bulk
• Instant milk powder with vegetable fat in retail packs up to 5kg
• Instant milk powder with vegetable fat in bulk