Introduction Valuation is a cornerstone of international trade, serving as the basis for determining duty rates and ensuring compliance with U.S. Customs and Border Protection (CBP) regulations. Accurate valuation is not just a legal requirement but a critical component of a successful trade operation. This article aims to demystify the concept of valuation as it pertains to CBP rules, as outlined...
As the world continues to become more interconnected, international trade has risen exponentially, solidifying relationships between countries and shaping global economies. Among these partnerships, the US-India trade connection stands out as a vital and growing link. An essential aspect of this burgeoning trade relationship involves ocean freight container shipments, facilitating a smooth flow of...
Here are some insights on three of the top freight events happening right now. The FMC can’t seem to catch a break lately. Last year, they had both shippers and carriers protesting a proposed rulemaking where they attempted to define what they classified as an “unreasonable refusal to deal or negotiate” when it came to carriers and the vessel space they made available for shippers. In a bid to fur...
As international trade expanded and flourished throughout the 20th century, so too did the complexity of classifying and tracking the immense variety of goods being traded. To navigate these challenges, the World Customs Organization (WCO) devised the Harmonized Tariff System, also known as the Harmonized System (HS) of tariff nomenclature. This internationally standardized system of names and num...
The history of maritime trade is as vast as the oceans themselves, shaped by countless voyages, innovative technologies, and a complex web of regulations. An integral part of this narrative is the evolution of ‘Liner Terms’—contractual conditions that delineate responsibilities between shippers and receivers. In the early days of maritime trade, the ambiguity around who would bear the costs and re...
Here are some of the top global supply chain news stories of the month. The 2023 Supply Chain Perspective, a recent survey, reports that 72% of the companies that took part say they are still experiencing challenges in their supply chains. The most notable issues impacting them are inventory shortages, financial burdens due to increased operating costs, ongoing shipping problems, and more. Despite...
Trading across borders involves a complex web of regulations, which can pose considerable challenges to businesses. This is where a Licensed U.S. Customs Broker steps in, providing crucial expertise and support to navigate this intricate landscape. Becoming a Licensed U.S. Customs Broker is not an easy task. It requires a thorough understanding of the laws and regulations related to imports and ex...
Here are some of the top global shipping news stories of the month: A worse-than-normal drought season has pushed the Panama Canal Authority to reduce maximum draft and capacity, which is further impacting trade through the canal. In response, as of June 1, transpacific carriers are now imposing additional surcharges for all water services on the Asia/US East Coast tradelane — in some cases, the s...
In the realm of shipping and logistics, understanding the different types of documentation, particularly Bills of Lading (BoL), is crucial. Two common types are the Ocean Bill of Lading and the US Domestic Truck Bill of Lading, each serving distinct purposes in their respective transport modes. An Ocean Bill of Lading is used in sea freight shipping. This document serves three critical functions: ...