International Trade Law News

Published by Jacobson Burton Kelley PLLC

U.S. Customs and Border Protection (CBP) recently issued its Import Trade Trends report for the first six months of fiscal year 2010. A copy of the complete report can be found below.

Some of the highlights of the report include: 

• After a decline in imports in 2009, imports are now at levels last seen in fiscal year 2006. 
• Total value of imports processed by U.S. Customs and Border Protection was slightly more than $1.7 trillion in fiscal year 2009, a 25 percent decrease from the previous year. 
• By year end 2010, it is projected that the value of imports will increase 6 percent, totaling $1.8 trillion.
• Consistent with recent years, only 29 percent of imported goods were dutiable. The remaining goods were duty free or free under tariff preference programs.
• During the first six months of fiscal year 2010, CBP collected $15 billion in revenue for the U.S. government. It is projected that $31 billion will be collected by year end, an increase from FY 2009.
• A total of $130 million in antidumping/countervailing duties were collected during the first half of fiscal year 2010, down slightly from the same period last year.
• Based on a random sampling, 98.6 percent of the fiscal year 2010 imports were materially compliant with all U.S. trade laws and regulations. This compliance rate is slightly higher than recent years.
• During the first six months of fiscal year 2010, approximately $30 million in penalties have been assessed against non-compliant importers (CBP assessed more than $120 million in penalties to non-compliant importers in FY 2009).
• Entry volume at the mid-point of fiscal year 2010 is 13 million. By year end, 27 million entries are expected, an increase of 5 percent from fiscal year 2009.
• China surpassed Canada as the United States’ top source of imports in fiscal year 2009, and is projected to maintain its lead through fiscal year 2011.
• Participants in CBP’s trade and security partnership programs (C-TPAT and ISA) account for
  more than 50 percent of the value of all imports that are shipped to the U.S. Sixty-five percent of the importers who ship goods to the U.S. do not participate in C-TPAT or ISA.
• The top 100 importers account for 30 percent of the overall dollar value of both imports and duties and top 1000 importers account for 60 percent of overall dollar value of imports and duties.

Labels: Customs