What Is Declared Value in Transportation?
Declared value information is needed for clearance at an international port of entry. Import duties are calculated based on declared value of the imported goods. Customs and border agencies use declared value to determine shipment value.
How is a Declaration of Value Determined for Imported Shipments?
Declaration of value for a shipment is determined and submitted by a shipper importing goods, based on their knowledge of the cargo’s monetary value. Value declaration is critical to gaining clearance and maintaining compliance when importing a shipment.
Customs and border agencies reference the declared value when setting the customs value of a shipment. The value of the shipment is considered in calculating tariffs or tax imposed on goods transported internationally.
Which Entity Files a Declaration of Value?
When shipping goods internationally, the importer of record, using reasonable care, must file the declared value with the U.S. Customs and Border Protection (CPB).
If a customs broker is involved in the import process, they may be responsible for filing the declaration of value.
Why Does Declared Value Matter in Cross-Border Shipping?
This information enables CPB to determine where in the U.S. tariff system imported goods fall. Classification and declared value are used to properly assess duties, collect accurate statistics, and determine other applicable legal requirements, including Partner Government Agency regulations.
When declaration of value is properly filed, global shipping runs more smoothly and goods are less likely to be slowed at customs.
Manage Imports
How MercuryGate Helps Companies Navigate Declared Value Regulations
MercuryGate’s Trade Compliance Software is a foundational solution for global shippers. Customs brokers and importers rely on the MercuryGate platform to streamline and automate U.S. customs clearance and compliance processes for international imports entering the United States.
MercuryGate’s scalable and secure cloud infrastructure supports open search, outbound email sends, and other key features, including:
- Customer and vendor entity management.
- Standard code reference & assignment.
- U.S. Customs filing templates.
- Product database.
Some importers utilize services from customs brokers, which help businesses navigate customs requirements such as declaration of value. Shippers work with customs brokers to:
- Determine the value of goods.
- Manage customs paperwork and requirements.
- Submit documents accurately and on time.
- Pay all duties and taxes correctly and on time.
As businesses navigate changing compliance, regulatory, and customs requirements, global transportation expertise is critical.
Bring value to cross-border and international logistics by integrating deep industry knowledge with technology from MercuryGate.
Explore tools to manage imports and exports with MercuryGate TMS.
