Key Takeaways
- The trade data gap between Pakistan and China has shrunk from 32 percent to 0.54 percent.
- The Federal Board of Revenue (FBR) is working to improve data reporting through electronic data exchange.
- Customs valuation rulings have been revised to ensure fair and transparent customs valuations.
The Federal Board of Revenue (FBR) has reported a significant reduction in the trade data gap between Pakistan and China, from 32 percent to just 0.54 percent, a 98 percent improvement.
According to the FBR, discrepancies in trade figures can arise due to differences in data collection, compilation, and reporting practices between the two countries, as well as the International Trade Centre.
To address these discrepancies, the FBR has approached Chinese authorities to expand the electronic data exchange mechanism, which currently lacks transaction-level information.
The FBR has also introduced measures to improve trade data reporting, with these changes set to take effect from July 2026.
Pakistan Customs is addressing concerns about import fraud and under-invoicing through measures to ensure fair and transparent customs valuation.
The Directorate General of Customs Valuation has issued and revised valuation rulings for various products, including yarn and fabrics, in consultation with industry associations and other stakeholders.
These valuations consider international price publications, global market trends, and other relevant factors.
The FBR has also revised its ruling on polyester filament yarn and is reviewing customs values for additional textile products, including mink yarn, cotton yarn, core spun blended yarn, and billiard cloth.
The ongoing reviews aim to ensure realistic and uniform customs valuations, address industry concerns, and protect local manufacturers in sectors such as textiles, steel, chemicals, tyres, plastics, and automotive components.
