Sudan Faces Import Paralysis

The Sudanese Importers Chamber has stopped importing and paying taxes to the state. (Photo: Reuters)
The Sudanese Importers Chamber has stopped importing and paying taxes to the state. (Photo: Reuters)
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Sudan Faces Import Paralysis

The Sudanese Importers Chamber has stopped importing and paying taxes to the state. (Photo: Reuters)
The Sudanese Importers Chamber has stopped importing and paying taxes to the state. (Photo: Reuters)

The Sudanese Importers Chamber announced the suspension of imports and the non-payment of any customs or tax duties to the state, for a period of three days starting Sunday, in protest against the increase in the customs rate.

The decision constitutes a major shock to the government, which relies mainly on import and export customs revenues to run the state’s affairs in light of the stifling economic crisis in the country.

In a statement on Thursday, the Chamber said that the increase in the exchange rate of foreign currencies would augment customs duties by 30.8 percent, which will have dire effects on the living conditions in the country.

The Sudanese Importers Chamber called on all its employees to stop all imports, and to refrain from paying customs and tax fees and any other government fees for three days, until reaching an agreement with the concerned authorities.

In turn, the Sudanese Ministry of Finance denied in a statement, the adoption of any decision to increase the customs fees. The ministry’s official spokesman, Ahmed Al-Sharif Mohamed Abdel-Rahman, said that the price of the dollar varies according to the policy adopted by the country’s central bank.

A decision was announced in June, eliminating the customs exchange rate used to calculate import duties.

The move comes within a reform plan monitored by the International Monetary Fund to give debt relief and attract new financing.

Economic Expert Al-Fateh Mahjoub Othman told Asharq Al-Awsat that the decision to raise the price of the customs dollar to equal the exchange rate of the Sudanese pound in all government transactions removes one of the biggest hurdles to the Sudanese economy.

He added that the decision would help the government improve its public finances, and increase its spending ability in the first and second quarters without resorting to borrowing from the Bank of Sudan.



Gold Gains on Safe-haven Demand as Trump Expands Trade War

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Gains on Safe-haven Demand as Trump Expands Trade War

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose for a third straight session on Friday, as US President Donald Trump's announcement of new tariffs on Canada and broader tariff threats against other trading partners lifted demand for the safe-haven asset.
Spot gold was up 0.5% to $3,339.99 per ounce, as of 0755 GMT. US gold futures gained 0.8% to $3,351.
"We're seeing some growing demand for gold as a haven. There are investors looking for some safety asset despite stock markets hitting highs. And any dip in gold is seen as a buying opportunity now," said Carlo Alberto De Casa, an external analyst at Swissquote.
On Thursday, Trump said US would impose a 35% tariff on imports from Canada and planned to impose blanket duties of 15% or 20% on most other trade partners, Reuters said.
This follows Wednesday's announcement of a 50% tariff on US copper imports and a similar levy on goods from Brazil, along with tariff notifications sent earlier to other trading partners.
Trump also said the European Union could receive a letter on tariff rates by Friday, throwing into question the progress of trade talks between Washington and the 27-nation bloc.
"Rising trade tensions have reinvigorated demand for haven assets such as gold amid the prospect of an economic slowdown. The more dovish Fed is also boosting investor appetite," analysts at ANZ wrote in a note.
Data on Thursday showed weekly jobless claims in the US fell unexpectedly to a seven-week low, indicating stable employment levels.
Federal Reserve Governor Christopher Waller on Thursday reiterated his belief the central bank could cut interest rates at its policy meeting later this month.
Meanwhile, Fed Bank of San Francisco President Mary Daly said two rate cuts remain on the table for this year.
Lower rates boost non-yielding gold's appeal.
Elsewhere, spot silver rose 0.9% to $37.37 per ounce, platinum fell 1% to $1,346.81 and palladium climbed 1.3% to $1,156.44.