U.S. Customs and Border Protection has issued a report on import trade trends for the first half of fiscal year 2012. Among other things the report includes the following statistics on import value, revenue, source countries, entry summaries, consignees, compliance rates and trade partnership programs for the period Oct. 1, 2011, through March 31, 2012.
• total import value was $1.18 trillion, on pace to exceed the $2.27 trillion total for FY 2011;
• the percentages of imports that were of dutiable value (31%), conditionally free value (21%) and duty-free value (48%) were unchanged from FY 2011 and have varied only slightly over the past five years;
• total revenue collected was $19.1 billion and total duty collections were $15.3 billion, both on pace to exceed the FY 2011 totals;
• estimated under-collections totaled $149 million, compared with $342 million for all of FY 2011;
• antidumping duty deposits ($193 million) and countervailing duty deposits ($15 million) are both on pace to exceed FY 2011 totals ($329 million and $27 million, respectively);
• a total of 14.8 million entry summaries were filed (on pace to exceed the 29.5 million for FY 2011), the paperless entry summary rate edged up to 92.3%, and the paperless cargo rate fell slightly to 57.4%;
• over 500,000 entry summaries were filed in the Automated Commercial Environment, far exceeding the total for all of FY 2011, and one of every 15 entry summaries is now filed in ACE;
• the total number of consignees was 513,144, compared to 728,651 for FY 2011;
• the major transactional discrepancy trade compliance measurement rate was 97.7%, up from 96.7%;
• Importer Self-Assessment program: 1.6 million ISA entry summaries (11% of the total) covering $285 billion in import value (24% of the total), both on pace to exceed FY 2011 totals;
• Customs-Trade Partnership Against Terrorism: 3.5 million entry summaries filed (24% of the total) covering $361 billion in import value (31% of the total);
• $624 billion in import value was from the top five source countries, on pace to hit the highest annual total in five years; and
• $9 billion in duties were paid on imports from the top five duty-paying source countries (China, Japan, Germany, Vietnam and Indonesia).
Source: STR Trade Report
