Jul 08, 2013

By Mike Genung

In 2008, U.S. Customs initiated the “Importer Security Filing” (ISF) requirement, where a set of data that includes the company that packed the shipment in China and other information be filed with U.S. Customs no less than 24 hours before the shipment leaves the port of departure.

The ISF entry is filed by the importer’s customs broker.
U.S. Customs set a penalty of a minimum of $5,000.00 for entities that did not comply and provide a complete, accurate ISF entry on time.

To date, U.S. Customs has been granting grace on the $5,000.00 penalty for late ISF filings, but that’s about to change. As of July 9, U.S. Customs will begin full enforcement of the ISF procedure, which means that late, incomplete, or inaccurate ISF filings will trigger a $5,000.00 penalty.

Even though the U.S. government is trillions in debt, I think we’d all like to avoid making more contributions to them, especially for $5,000.00.

To date, our normal procedure has been that Global Trade Specialists would email you, the importer, the ISF entry data, and then you would forward it to your customs broker who would file the ISF entry. I’ve always tried to impress on our people in China that they need to provide us with the ISF entry data 48 hours ahead of time so that, in case there is a problem, you can let us know the same day and we can resolve the issue in time.

There could be a potential problem if we email you the ISF data and you’re sick, out of the office, or away on a business trip. By the time you got to your inbox it might be too late.

To avoid this we’d like to start emailing the ISF data to you and your customs broker as soon as we receive it. This should avoid any problems if you’re not able to forward the ISF entry data to your broker in time, which, we’ve encountered before.

Please let me know if you have any questions or suggestions.

New Facebook Page
We now have a Facebook page for Global Trade Specialists up. At the Facebook page we’ll be making weekly posts with updates, news, points of interest, videos, and more. We already have one video up along with a cool picture of Queen Victoria Harbor in Hong Kong.

Be sure to like our Facebook page so you can receive our updates.
Here’s the link: https://www.facebook.com/GlobalTradeSpecialistsInc

The Exchange Rate
The exchange rate remains the same as it was last month:
Yuan to the dollar, as of today: 6.13 to 1
Rate when the Yuan was depegged from the dollar on June 19, 2010: 6.82 to 1
Change: .69 (10.1%)

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Previous Newsletters:
June: Tiananmen Square and Freedom
May: Our Most Critical Asset
April: Contrasts Between East and West
March: The Titanic; Made in China
February 2013: They’re Back… Sort Of
January 2013: Business News and Trends for 2013
December 2012: A Trip I’ll Never Forget

All material copyright 2013 Global Trade Specialists, Inc.
This newsletter may be reprinted as long as the copyrights and a link to the Global Trade home page (www.mgtrading.com) are shown at the end of the article.