Export, Import and Foreign Trade Bonds


 

When goods and services are imported into a country, they might require a bond to be placed on them.

This is particularly true for the United States, where a number of bond policies are in place:


 

When goods and services are imported into a country, they might require a bond to be placed on them.

This is particularly true for the United States, where a number of bond policies are in place:

  • T&E – Transportation and Export Bond: Goods shipped under U.S. Customs bond from a U.S. Port of Entry to a second U.S. Customs port for export to a third country
  • VST&E – Vessel Transportation and Export Bond: This is a specialized U.S. Customs bond intended for a foreign vessel which will be immediately leaving the USA
  • Warehouse Entry Bond: This entry is for goods entering the USA under bond to temporarily store goods in a warehouse without paying duties and/or taxes
  • Informal Entry Bond: This type of entry is performed for shipments valued $2000 USD (Some commodities are restricted to an informal entry, regardless of the value)
  • Consumption Entry Bond: Designed for shipment entering the U.S.A. with a value over $2000 USD.
  • Temporary Import Bond: Goods entering the U.S.A. temporarily and intended for re-export to the originating country require a TIB or Temporary Import Bond. Any article imported under TIB must be exported again within one year
  • Special Bond for Exportation: This can be used for items either under TIB or imported under the benefit of a carnet
  • Foreign Trade Zone Operator Bond: This bond is required by any company that wishes to operate in a US Homeland Security Approved Foreign Trade Zone

In India, importers and exporters can apply for a Re-Export Bond, which means that duty-free custom clearance can be sought. A Provisional Duty Bond can be used to allow importers up to 6 months to secure all necessary documentation for an import, whereas a Test Bond is used to make a surety and a provisional assessment of the value of an import.

For imports and exports in Greater China, an IEB or Import/ Export Bond is needed. The IEB is used for declaration of imports, exports and the holding of items in bonded warehouses.

A Foreign Trade Bond is another name for any import or export related bond.

 

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