Customs value

{
  "id": "MLC-T-ECS-000458",
  "term": "Customs value",
  "field": "Economic statistics",
  "term_source": "Customs Value",
  "definition": "The Customs value is the value of imports as appraised by the U.S. Customs and Border Protection in accordance with the legal requirements of the Tariff Act of 1930, as amended. This value is generally defined as the price actually paid or payable for merchandise when sold for exportation to the United States, excluding U.S. import duties, freight, insurance, and other charges incurred in bringing the merchandise to the United States. The term \"price actually paid or payable\" means the total payment (whether direct or indirect, and exclusive of any costs, charges, or expenses incurred for transportation, insurance, and related services incident to the international shipment of the merchandise from the country of exportation to the place of importation in the United States) made, or to be made, for imported merchandise by the buyer to, or for the benefit, of the seller. In the case of transactions between related parties, the relationship between buyer and seller should not influence the Customs value.\n\nIn those instances where assistance was furnished to a foreign manufacturer for use in producing an article which is imported into the United States, the value of the assistance is required to be included in the value reported for the merchandise. Such \"assists\" include both tangible and intangible assistance, such as machinery, tools, dies and molds, blue prints, copyrights, research and development, and engineering and consulting services. If the value of these \"assists\" is identified and separately reported, it is subtracted from the value during statistical processing. However, where it is not possible to isolate the value of \"assists\", they are included. In these cases the unit values may be increased due to the inclusion of such \"assists\".",
  "subject": "Foreign trade",
  "see_also": [
    "Statistics about Foreign Trade"
  ],
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/customs-value/"
}