With a resurgent economy and a weaker Aussie dollar, the United States is well and truly back on the radar of Australian exporters as the world’s largest economy and by far the largest consumer market. And exporters to the market received a major shot in the arm recently with the passing of the US Customs Reauthorisation Bill – which allows for shipments of non-restricted commodities valued at under US$800 to be passed free of duties and taxes into the USA.
The Bill came into effect on 10 March 2016, and is aimed at streamlining US customs procedures, lower costs to ship internationally and strengthen trade enforcement at US borders.
There are a range of exemptions including:
Goods subject to US Fish and Wildlife regulation;
Alcohol, perfume containing alcohol, cigars and cigarettes;
Medications and medical devices (including glasses and sunglasses);
Other goods subject to US FDA regulation valued over US$200.
It will also allow for goods previously exported from the US to be returned as imports duty free within three years of original export.
At the same time, the bill contains measures to modernise the US customs delivery system and bring other border agencies together to support advanced data and pre-clearance of shipments.
For further information go to http://www.finance.senate.gov/legislation/details/hr-644
AUTHOR: Ian Smith, CEO of CargoHound