Good news is that the trade deficit narrowed but it looks like U.S. exports incredible run may be coming to an end in the near future as global demand cools and the U.S. dollar gains in strength. Then again, import demand is down as well, so it’s possible that the trade deficit will continue to [...]

Freight forwarding means stuffing big ugly steel boxes with almost every product imaginable, banging them onto trucks and ships, and delivering the product intact and on time. It’s a business of cubic metres, customs duty, lost dockets, risks and insurance, things going astray and awry, finding new clients and keeping the old. Heh. That’s about [...]

Drawback (USA) A refund of duty and taxes which may be obtained upon the exportation or destruction of certain articles under certain conditions.

Harmonized Tariff Schedule of the United States (HTSUS) An organized listing of goods and their duty rates which is used as the basis for classifying imported products and identifying the rates of duty to be charged on them. It is based on the international Harmonized System Convention.

Reverse Logistics The process of planning, implementing, and controlling the efficient, cost effective flow of raw materials, in-process inventory, finished goods and related information from the point of consumption to the point of origin for the purpose of recapturing value or proper disposal.

Demurrage 1. In international transportation, a charge for the failure to remove cargo from a terminal within the allowed free time. Also, a charge for failure to load or unload a ship within the allowed period. 2. (USA) In domestic transportation, a penalty charge against users for use of carriers’ equipment beyond the allowed free [...]

Bonded Warehouse (USA) An approved private warehouse used for the storage of goods until duties or taxes are paid and the goods are properly released by Customs. Bonds must be posted by the warehouse proprietor and by the importer to indemnify the government if the goods are released improperly.