Mastering Customs: The ABCs of Smooth Clearance
- Arne Mielken
- Oct 21, 2024
- 5 min read
Read this blog to understand the critical customs terms and procedures in "The ABC of Smooth Clearance".
Not following customs clearance procedures can have serious financial implications. I have seen many cases where this oversight caused delays, penalties, and seizure of goods. This resource is intended to assist you in confidently managing the complexities of international trade.
The following terms form a comprehensive glossary of key concepts and processes in customs clearance, crucial for professionals involved in international trade. Please let me know if you'd like any further clarification or information on a specific term and schedule a free call.
We are going over the following terms and offering a helpful explanation for each one:
A: Ad Valorem Duty, ATA Carnet, Authorized Economic Operator (AEO)
B: Bill of Entry, Bill of Lading, Bonded Warehouse
C: Cargo Manifest, Certificate of Origin (COO), Customs Duty, Customs Valuation
D: De Minimis Value
E: Entry Summary Declaration (ENS), Export License
F: Free Trade Agreement (FTA), Freight Forwarder
G: Generalised System of Preferences (GSP)
H: Harmonised System (HS)
I: Incoterms, Import License
J: Joint Customs Operations
L: Landed Cost
M: Manifest
N: Non-Tariff Barriers (NTBs)
O: Origin
P: Preferential Tariff
Q: Quota
R: Rules of Origin
S: Single Administrative Document (SAD)
T: Tariff
U: Unified Cargo Processing (UCP)
V: Value for Customs Purposes
W: World Customs Organization (WCO)
X: X-ray Inspection
Y: Yellow Channel
Z: Zero-rated Goods
Here’s a detailed explanation of each customs clearance terms:
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