close
Share with your friends

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.

1000

Related content

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
Partner and Global Practice Leader
T: 312-665-1022
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
T: 267-256-2614
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
T: 631-425-6057
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
T: 415-963-7861
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
T: 212-954-3094
E: labad@kpmg.com

Irina Vaysfeld
Principal
T: 212-872-2973
E: ivaysfeld@kpmg.com

Amie Ahanchian
Principal
T: 202-533-3247
E: aahanchian@kpmg.com

Christopher Young
Principal
T: 312-665-3229
E: christopheryoung@kpmg.com

Gisele Belotto
Managing Director
T: 305-913-2779
E: gbelotto@kpmg.com

George Zaharatos
Principal
T: 404-222-3292
E: gzaharatos@kpmg.com

Andy Doornaert
Managing Director
T: 313-230-3080
E: adoornaert@kpmg.com

Jessica Libby
Managing Director
T: 612-305-5533
E: jlibby@kpmg.com

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal