On 26 January 2023, the Philippine Strategic Trade Management Office (STMO) issued an announcement (Announcement No. 2023-001) to exporters emphasizing the need to properly classify their goods under the National Strategic Goods List (NSGL) prior to registration with the STMO.
Topics: Export Compliance, Asia, Export Consulting, ASEAN
If you are involved in the exportation of goods from the United States, you are most likely familiar with the term Routed Transaction and all that it entails – which up to this point, has been a whole lot of confusion and misunderstanding.
The “encouragements” that Adam Smith refers to are none other than Duty Drawback. In the United States, drawback has been a fixed part of trade policy since 1789 when the Founding Fathers understood that a thriving domestic economy required robust international trade.
By allowing exporters of products to draw back duty imposed upon its initial importation, it puts those exporters on an equal footing with their overseas competitors.
Simply put, better-priced products sell, well, better.
Topics: Duty Drawback, Export Consulting
