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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China’s solar panels – global benefits, but a stew for the US

China’s solar panels – global benefits, but a stew for the US

China’s investment in renewable energy has been tremendous. There is no way around China for any country seeking to increase its solar capacity. Most recently, the country’s biggest solar panel makers cut prices by around 27 percent as raw material costs dropped. Low solar prices can help Europe diversify energy sources, lower dependency on Russian gas, and reach climate goals. However, what about the US, for whom solar panels are a particular bone of contention in its trade war with China? Let’s take a look!

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US East Coast Vs. West Coast Ports In Domestic Trade War

US companies in many industries have long depended on west coast ports, as opposed to those on the east coast, as the main entry point for imports. However, importers are shaking up that hierarchy as they rethink how and where to ship goods to save time and money and reduce risks. What has caused this shakeup, and will it persevere?

US importers are shifting cargo flows from West Coast ports to those on the East Coast due to labor negotiations, the AB5 trucking law, and a desire to save time and money. East Coast ports, including New York, New Jersey, and Savannah, have seen an increase in rail freight and warehouse usage as a result. Ports in Maryland, Virginia, and Georgia are expanding their investment to accommodate the surge in rail capacity. West Coast ports remain hopeful for a resolution in the ongoing labor negotiations in 2023. Click the link to read more about the shakeup in US port hierarchy. #USports #EastCoastports #WestCoastports

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US imports are down also from China

US imports are down, what’s up

US imports have decreased significantly, particularly from China.

Recent reports show an alarming drop in US manufacturing orders, especially from China. Several reasons include a collapse in demand. Over the past year, the ongoing supply chain turmoil has led shippers to call this a dire time for the industry. Many predict a recession. What is causing the imbalance in supply and demand?

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