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Govt Contemplates Establishing Universal Minimum Export Prices for All Goods

“Discover the latest government efforts to set a fair Minimum Export Price for all goods leaving the country. Learn how this initiative aims to curb under-invoicing in exports and boost foreign exchange earnings. Stay informed with our concise update on trade regulation changes.”

Govt Contemplates Establishing Universal Minimum Export Prices for All Goods

The government is thinking about setting a Minimum Export Price (MEP) for all things sent out of the country. They are talking to trade groups to decide on this.

Pako Pakistan got information that the Intelligence and Investigation Customs in Karachi wrote to the Customs office in Islamabad about introducing a minimum export price for all goods.

There were reports of undercharging in exports, so the Customs agency in Karachi looked into it. They found that MEP was only set for 8 types of items. These items make up only 13% of the total exports. This means that 87% of the items exported don’t have a set minimum export price.

Looking deeper, they found that the amount of goods exported doesn’t match the money earned from those exports. For example, in 2020-21, $26 billion was earned from 23 million tons of exports. In 2021-22, $34 billion was earned from 97 million tons. In the first three months of 2023-24, $8 billion was earned from 38 million tons.

Sources suggest that there should be a fair valuation for all exported items to prevent undercharging. They believe this could increase the country’s export earnings by at least $500 million.

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To make this happen, they propose that the Customs valuation department should work with trade groups to set a Minimum Export Price for all exported goods. This could help stop undercharging and lead to a significant increase in foreign exchange earned through exports.

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