FOREIGN TRADE 



Exports are controlled. Based on the declared value at time 

 of export, the foreign exchange received from the sale of shrimp abroad 

 is paid to the exporter in pesos at the official rate of exchange. The 

 official rate of exchange is 2.50 pesos for 1 dollar. The practice for 

 export purposes has been to value the shrii.ip at 30 cents a po"und. 

 It was reported that official circles were objecting to this practice 

 because the valuation was too low. 



In order to increase local supply and to lower prices, re- 

 strictions were placed on the amount of shrimp that could be exported 

 during the first h months of 1956. The quantity to be exported apparently 

 was determined arbitrarily, as there vjas no set or published rule as to 

 the amount that could be exported for any one time period. 



Export licenses are required, but export duties are applicable 

 only to bananas, coffee, and hides. No exports of shrimp were reported 

 before 19^3. In that year about 227,000 pounds of frozen shrimp were 

 exported to the United States. In 195U, exports amounted to 357,000 

 pounds, nearly all of which were shipped to the United States. 



Import duties, both specific aiid ad valorem, stamp tax, and 

 prior deposit apply to Lnported shrimp as also do consular fees and 

 import permits. 



The entrance of prepared or canned shrimp v;as prohibited in 

 February 1955. The specific import duty on fresh, cooked, or salted 

 shrimp is 1 peso per gross kilogram (2.2 pounds). The ad valorem duty 

 is 25 percent of the c.i.f. value. Both duties are payable at the 

 official rate of exchange of 2.50 pesos for 1 dollar. Consular fees 

 are 1 percent of the f.o.b. value. 



Before import permits are granted, the prior deposit must be 

 made and the stamp tax paid. These ciiarges are based on the f.o.b. 

 value of the shipment; for shrimp, which is in the third group, the 

 foreign exchange must be purchased in the open market. lU/ For import 

 items listed in the third group, the prior deposit was 5o percent and 

 the stamp tax 80 percent of the f.o.b. value. 



lU/ There are a preferential list of items, a prohibited list, and 

 four other groups of ijriport classifications. Exchange at the official 

 rate of 2.50 pesos to the dollar can only be obtained for imported 

 items that are on the preferential list. 



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