Export Value: A Comprehensive Guide to Its Legal Definition

Q: Do I need to report export value?

Yes, reporting the correct export value is crucial for compliance with U.S. customs regulations.

Q: How can I calculate export value?

Calculate export value by adding the selling price of the goods to all associated costs, including transportation and insurance.

Definition & meaning

Export value refers to the monetary worth of goods at the U.S. port of export. This value is determined by the selling price of the goods, or their cost if they have not been sold. It includes all associated expenses such as inland or domestic freight, insurance, and other charges incurred until the goods reach the U.S. port of export, whether it be a seaport, airport, or land border. The total cost of goods encompasses all expenses related to their acquisition or production by the U.S. principal party in interest.

Table of content

Legal use & context

The term "export value" is commonly used in international trade law and customs regulations. It plays a crucial role in determining duties and tariffs when goods are exported from the United States. Understanding export value is essential for businesses engaged in international trade, as it impacts pricing, compliance with trade regulations, and the calculation of export taxes. Users can manage their export documentation and compliance through legal templates available on platforms like US Legal Forms.

Key legal elements

Real-world examples

Here are a couple of examples of abatement:

Example 1: A company exports machinery valued at $100,000. The export value includes the selling price of the machinery, plus $5,000 for domestic freight and $2,000 for insurance. Therefore, the total export value is $107,000.

Example 2: A business exports textiles that have not yet been sold. The cost to produce these textiles is $50,000, and the company incurs $3,000 in transportation costs to the port. Thus, the export value is $53,000. (hypothetical example)

Relevant laws & statutes

Export value is primarily governed by the Foreign Trade Regulations, specifically outlined in Title 15 of the Code of Federal Regulations (CFR), Part 30. These regulations detail the requirements for reporting export information and the valuation of goods.

Comparison with related terms

Term	Definition	Key Difference
Export Price	The actual price at which goods are sold to foreign buyers.	Export value includes additional costs like freight and insurance.
Customs Value	The value of goods for customs duty purposes.	Customs value may differ from export value based on specific regulations.

Common misunderstandings

What to do if this term applies to you

If you are involved in exporting goods, ensure you accurately calculate the export value to comply with regulations. Consider using US Legal Forms for templates that guide you through the necessary documentation. If your situation is complex, seeking professional legal advice may be beneficial.

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Quick facts

Export value is calculated at the U.S. port of export.
Includes selling price, freight, and insurance costs.
Crucial for determining export duties and tariffs.
Regulated under Title 15 of the CFR.

Key takeaways

FAQs

What is included in the export value?

The export value includes the selling price or cost of goods, plus any inland freight, insurance, and other charges incurred before reaching the export point.