DIY Customs Blog

Trade finance

Alternate Trade Finance Products for Scaling Businesses Globally

In today’s interconnected world, global businesses face unique challenges in managing working capital and financing cross-border transactions. Our latest blog post delves into the world of trade finance, exploring traditional methods and shedding light on innovative alternate solutions. As businesses seek to scale globally, understanding the advantages and disadvantages of these products is crucial for success. From invoice financing to supply chain financing, we provide insights to help businesses navigate the complexities of international trade and select the most suitable financing solutions. Join us as we explore the future of trade finance and its role in fueling global growth.

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Nearshoring Mexico USA

Keeping it Close to Home: Taking a Closer Look at US Nearshoring to Mexico

Nearshoring to Mexico from the United States offers many benefits, including a skilled workforce, favorable trade agreements, and a large consumer market. However, there are also potential risks, such as political instability and infrastructure challenges, that businesses need to carefully consider before making a decision. This article explores the advantages and disadvantages of nearshoring to Mexico, including which industries are best suited for this strategy.

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HTS codes

It’s in the Name: How the Harmonized Tariff System makes Importing Easier

Master the Art of Importing: Simplify Your US Imports with the Harmonized Tariff System

Discover how the Harmonized Tariff System (HTS) streamlines your importing process by standardizing product classification and codes. Learn the importance of accurate HTS codes for smooth customs clearance, complying with regulations, and managing quotas. Sign up for our free AI tool, BINA classifier, to effortlessly navigate your import business!

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importer credit score system

Importer’s Credit Score System – Risk assessment in customs procedures

Risk assessment in customs procedures is a tricky process. Customs systems must evaluate each shipment and determine its risk level.
What if there was a Credit Score system that could help customs evaluate the importer to determine the risk?

A credit score is a numerical value assigned to an individual or organization that reflects their creditworthiness. Scores are based on factors such as payment history, credit utilization, length of credit history, and type of credit.

The potential of an importer credit score system

Similarly, an importer’s credit score could rely on various characteristics such as their payment history with suppliers, their record of meeting customs regulations, and their trade agreements compliance level. Customs officials and other stakeholders could use this score to assess the risk associated with import shipments for the importer.

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HS codes (Harmonized System codes) & HTS codes (Harmonized Tariff Schedule codes)

HS codes – what’s it all about?

A glance at the US-Mexico trade shows that some of the most frequently imported products from Mexico to the US include automobiles, crude oil, computers, and electrical machinery. Here are the HS codes for these products:

Automobiles: HS code 8703.23 or 8703.24
Crude oil: HS code 2709.00
Computers: HS code 8471.41 or 8471.49
Electrical machinery: HS code 8501.31 or 8501.40
It’s important to note that the HS codes for specific products vary based on the materials used or the product’s purpose.
To ensure the correct classification of goods and the use of appropriate HS codes when importing from Mexico to the US, you should consider consulting with a customs broker or other professional.

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Chinese electric car import to USA

The Rise & Rise of China’s EVs & US Rules on Importing Them

While China dominates the market, cornering many countries’ imports to meet local demand, the US fights the trend to import made-in-China EVs to protect and grow domestic EV production while striving to achieve its environmental goals.
Reasons for the exponential growth of China’s EV market include the government’s EV subsidies, a growing variety of mini electric vehicles, and more and more reasonably priced brands entering the market.

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