The relationship concerning China and the US has flourished greatly throughout the last thirty years. In the US trading statistics, China is its second largest trade partner and the third biggest export niche market. This nation is likewise the number one provider of US products. It's no secret that China has a large population. This means that the companies here pay lower salaries which consequently lead to less expensive overall costs for the items. No wonder the prices for wholesale imports across this country are unbeatable.
As a result, many businessmen take the opportunity to invest and find effective ways on how to import from China to the US. Such business ensures high profits since there is already a wide customer base for China-made products in the US. The process of importing may seem very complicated, but once you master the techniques, you'll gain long-term success.
Selecting Entry Ports
There are a number of shipping ports that you can choose from when importing from China to USA. In US definition, it can be a geographical area under the authority of a port director. This is the only legal entry point to the US which consists of airports, sea ports and border crossings. When the carrier arrives at this area, a Bill of Lading must be submitted to customs.
After you submit the Bill of Lading, a 5 day time period will be given so you can provide all the documents needed for claiming the shipment. You're papers should include a Certificate of Origin, Customs Bond, Commercial Invoice, Inward Cargo Manifest or Entry/Immediate Delivery and a Packing List. But you can only claim your items after you go through tariff assessment which will usually takes 10 days.
Review and Valuation of Imported Products
After submitting the documents, the US customs will then inspect your cargo in order to ensure that it meets all import regulations. They will review the shipment to verify if the country of origin is stated, the invoices are complete and if the quantity of the shipment matches whatever was indicated.
Your imported products will also undergo a valuation stage. Here, customs will estimate the total value of the products you have imported from China. The total value can be computed by adding the actual product price with packing costs, selling commissions, royalty or license fees, and value of assists.
Setting Categories for Imported Goods
On the other hand, your imported products must also be classified by the Customs to determine the amount of duty that you are going to pay. To find out a tax rate for a particular imported product, they consult the US Government’s Harmonized Tariff Schedule. This document is the main source in establishing tariff classifications for exported. It is also updated regularly by the US International Trade Commission. Most countries base their tariff schedules according to the Harmonized System in order to avoid any problems in trading with others.
Final Stage of the Import Process
After you have complied with those requirements and undergone inspections by the US customs, you can now write the government a check so your shipment can be considered liquidated. Now, you can officially claim your cargo. If some of your paperworks or documents are incomplete or incorrect, you have to provide the revised copy before the Customs will accept your payment and let you claim your imported items.
Be aware that you can get a refund for your tariffs, depending on the nature of your imported products. Sometimes, the drawback refunds and refund of duties reach as high as 99%. For instance, there is a manufacturing drawback for materials imported into the US which are used for manufacturing exported US goods. For items that are proven sub-standard, a corresponding refund of duties called the rejected-merchandise drawback will be granted. Goods that were exported but never used are also given an unused-merchandise drawback.