How Can Wine Importers Mitigate Against Foreign Exchange Rate Fluctuations?

Food and Beverage importers who agree to purchase shipments of goods in the future may be putting themselves at risk of profit loss, depending on how foreign exchange rates fluctuate over time. A U.S. wine importer, who sells to domestic retailers at a set price, may place an order to purchase a shipment from a European exporter in six months. What happens if the Euro strengthens or weakens in that time? Although the potential for profit [...]

Duty Drawback Seems So Complicated, How Can I Make it Simple and Efficient?

Duty drawback is an international compliance program that allows for the refund of Customs duties paid on imported merchandise when the products have been subsequently exported or destroyed. This program was established in 1789 to promote exports by means of offering duty refund when imported merchandise has been exported. The duty drawback program requires an investment of both time and labor, but the results can be rewarding in terms of substantial refunds. The benefits of duty [...]

When Importing MDF Products from China, Do I need to get the Product Tested Before Importing, or Does the Manufacturer of the Product Supply a Certificate of Compliance?

When Importing MDF Products from China, do I need to Get the Product Tested Before Importing, or Does the Manufacturer Supply a Certificate of Compliance?

As an importer of regulated composite wood products, you should ensure that you only purchase compliant wood commodities. You must demonstrate that you have taken reasonable precautions by obtaining bills of lading, invoices, or other comparable documents that include the written statement from the supplier or producer of the composite wood products, that the goods are compliant with TSCA Title VI or CARB ATCM Phase II emission standards. One description per invoice, bill of lading, or [...]

FAQ: What is the Difference Between a TIB and Moving Goods In-bond?

Although these two terminologies appear similar at first glance, they actually differ in meaningful ways and serve very different purposes. TIB A Temporary Importation under Bond, or TIB, is used to bring goods into U.S. commerce without payment of duty when they are not intended for sale. The entries are similar to a normal consumption entry, however, there are some differences to the filing process which is completed by a Customs Broker. Under the TIB requirements, [...]

FAQ: What is a Revenue Ton?

A revenue ton is a unit measure used in marine transport, on which a shipment is freighted. Cargo is rated as weight or measure (W/M) depending on the commodity. Weights are based on metric tons and 1 metric ton = 1,000 Kilograms (2,205 lbs.) Measures are based on cubic meters (M3). Regardless of which method is used, the one that produces the highest revenue, between the weight calculation, or the measurement calculation, will be considered the [...]