Re-Import and Re-Export of Goods - Important Terms in Foreign Trade

Sometimes, indigenously manufactured goods, when exported are returned back for various reasons including cancellation of export order. Similarly, imported goods are also sent out for reconditioning, repair, etc. Personal and private property may also have to be sent back abroad for repair within the warranty period and returned. There are also some commodities that may have to be sent for special processes like re-imported, coating, polishing, electroplating and so on. So, there are two important terms in the business trade that is required to have special legal provisions permit the facility of re-import and re-export of goods.

Re-Import of Goods :-

Re-imports refer to imports of goods in the same state as previously exported. In this case, the country of origin of the products is the compiling country itself, which is reflected as a country’s trade with itself. Here are the points that are linked to the re-import of goods:

• Re-importation in the same state is defined as the procedure of customs under which commodities that were exported may be taken for home consumption while not paying the import duty and other taxes.
• Re-importing of goods in the same state is allowed even if a part of exported goods is to be re-imported.
• Re-importing of items shall not be refused on the grounds that the products have been used or damaged or have deteriorated during their stay abroad.
• Re-importation of merchandise in the same state shall not be refused on the grounds that the items have undergone operations necessary for their maintenance or preservation during their stay abroad. However, their value at the time of exportation has not been enhanced by such operations.

Re-Export of Goods :-

Re-export of goods refer to the foreign commodities that are re-exported in the same state as previously imported. They are included in the country exports. Following are the points that are associated with the re-export of goods:

• There are occasions when imported goods have to be re-exported when import goods are found defective after customs clearance.
• Customs duties are leviable at the time of importation, if the commodities are re-exported by the importer, subject to certain conditions. The re-export of goods has to be made within two years from the date of import.
• The import duty is refunded if the imported commodities are found defective or otherwise not in conformity with the specifications agreed upon between the importer and supplier of goods.

Re-importing and re-exporting of goods are common occurrences in the foreign trade. These are two are among important terms that are used while importing or exporting items from one country to another through customs.

If you are an Importer or Exporter of any products and looking for Research Report of Your Products Import or Export, go through www.exportgenius.in