CBP provides trade statistics for FY 2020
CBP provides trade statistics for FY 2020
A report from U.S. Customs and Border Protection (CBP) on trade and travel for fiscal year (FY) 2020 summarizes trade and travel statistics and reflects challenges presented by the coronavirus (COVID-19) pandemic.
According to the CBP report [PDF 510 KB]:
…the COVID-19 pandemic caused major disruption in supply chains around the world. In many cases, the virus halted production altogether as businesses shut their doors, while others operated at partial capacity. Despite these disruptive effects, CBP furthered economic security by processing 32.8 million entries valued at over $2.4 trillion during FY2020. CBP also collected approximately $74.4 billion in duties, a 3.5 percent increase over FY2019. In response to the extraordinary circumstances caused by COVID-19, CBP provided financial relief to the trade community through the deferral of more than $574 million in import duties in March and April 2020.
The CBP report reflects the following statistics (compared to those for FY 2019):
- Entry summary volume decreased by 8%, but customs duty payments increased by 3.5%.
- Section 301 duties on goods from China increased by 19%.
- Section 201 duty payments increased to $900 million (from $716 million).
- Section 232 aluminum tariff payments decreased to $500 million (from $1.1 billion).
- Section 232 steel tariff payments decreased to $1.3 billion (from $4 billion).
- Goods detained under “withhold release orders” increased to $50 million (from $1.4 million).
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby |
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