The Directorate General of Valuation (Customs) has introduced revised customs values ranging from US$4.2 to US$6.3 per kg for the import of industrial sewing machine needles from China, Vietnam, and South Korea.
These needles play a crucial role in commercial sewing operations, serving various industries. The latest valuation ruling (44 of 2024) addresses stakeholders’ concerns regarding the valuation process. Stakeholders had urged for a reassessment of customs values to align with current international market dynamics.
To ensure transparency and fairness, the valuation methodology considered prices of stainless steel, a primary material for industrial sewing machine needles, as published in the London Metal Bulletin (LMB). This approach aims to maintain uniformity in assessment practices.
The valuation process involved evaluating the London Metal Bulletin’s published prices for steel billet, the primary raw material, and incorporating applicable manufacturing costs and actual freight charges.
Following a thorough assessment, the Directorate issued new customs values, reflecting the prevailing market conditions and ensuring compliance with import regulations.
