TradeLane

On January 27^th, Tradewin published our ‘Reconciliation Step by Step’ guide. For those interested, a copy is available for download below:

For those of you who have been involved in Customs Entry Reconciliation, you know how complex the program can be.  We are excited to see that CBP will be hosting a webinar that will cover reconciliation fundamentals and provide insight into the various issues the trade community and CBP Centers of Excellence and Expertise (Centers) experience when filing and processing reconciliation entry summaries.  This information was presented to the Trade community on April 11, 2022, in Cargo Systems Messaging Service (CSMS) #51568660.

Earlier this year, the World Customs Organization (WCO) released 2022 Harmonized System (HS) Updates. These updates mark the most significant change in the HS nomenclature in five years and require an adjustment of HS codes in member countries. Since this release, US importers have been preparing for the implementation scheduled for January 1, 2022, while monitoring changes in other import markets.

A preliminary release of the 10-digit HTS US changes was made in the US on September 28, 2021.
This release has allowed US importers to start preparing for the impact of this change. CBP has delayed the implementation of these code changes from January 3 to January 27, 2022.

This slight delay will give importers much appreciated time to prepare. If you are looking for help navigating this change, either in the US or globally, please feel free to reach out to Tradewin.

If you would like to read other publications from Tradewin on HTS classification changes, please read Tradewin’s blog originally posted on October 15, 2021, “HS2022: The codes they are a-changin'”

First Sale for Export is a duty mitigation program that is designed to reduce the dutiable value of eligible products imported into the United States. Usually, an importer would pay a higher duty amount based on the value of goods purchased from what is known as the ‘second sale’. This is the transaction between the importer and the middleman (vendor) which usually includes the middleman’s markup. Through the First Sale for Export program, importers are able to declare value on the goods purchased on the ‘first sale’, or the transaction between the middleman and the factory. In declaring First Sale valuation, an importer is able to cut out the middleman markup and to minimize the amount of duty paid when importing goods into the United States.

This duty savings program is especially popular among the textile and apparel industries where commodities have excessive middle man markups and duty rates as high as 32%. With a large potential to save on duty, it logically follows that this industry makes up the majority of the goods declared under the First Sale program.

Well, it’s that time again and even though it has been 15 years since I sat down to take “THE TEST,” it still gives me butterflies just thinking about it.

So, if you are taking the U.S. Customs Broker’s Exam on April 4^th, whether it is for the first time or the fifth, I thought it would be nice to take a few minutes to remind ourselves why we take the test and what the best study tips are.