CBP Issues Year-End FY 2010 Import Trade Trends Report (Part II - Statistical Highlights)
U.S. Customs and Border Protection has issued its fiscal year 2010 year-end “Import Trade Trends” report, which focuses on importers and CBP’s partnership programs. This issue also provides year-end data and highlights some of CBP’s newest developments.
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This is Part II, the final part, of a multipart series of summary on this report and focuses on CBP’s statistical highlight for FY 2010. (See ITT’s Online Archives or 01/31/11 news, 11013129, for Part I, which covered CBP’s partnership programs.)
Statistical Highlights of Fiscal Year-End 2010
CBP provides the following statistical highlights fiscal year-end 2010:
13% increase in imports from FY 2009. During fiscal year 2010, the pattern of U.S. imports approached levels seen in prior years: although less than peak FY 2008 level, the 13% rise in import volume in FY 2010 (from FY 2009) exceeded the annual average increase seen during fiscal years 2004-2008, and supports the continuing economic trade recovery. Continued stability and modest growth are projected for fiscal year 2011.
CBP processed about $2 trillion of imports in fiscal year 2010.
$32B in revenue collected from duties. Consistent with recent years, 30% of imported goods were dutiable. The remaining goods were duty free or free under tariff preference programs. During FY 2010, CBP collected more than $32 billion in revenue for the U.S. government, an increase of 9.5% over FY 2009.
$314 million in antidumping/countervailing duties were collected during FY 2010, an approximate increase of 5% over the prior FY.
Entry summary volume increased nearly 10%. Entry summary volume for FY 2010 surpassed 28 million, an increase of nearly 10% from FY 2009.
98.9% of imports were compliant. Based on a random sampling, 98.9% of FY 2010 imports were materially compliant with all U.S. trade laws and regulations; demonstrating overall compliance continues to trend upward from FY 2007 rate.
Low preliminary revenue gap. The preliminary revenue gap estimate is at the lowest recorded level, due to a mid-year modernization of the targeting system and recordation of reviews. CBP estimates the revised revenue gap, available in March 2011, at about 1%.
China is top country of origin for U.S. imports. China is the top country of origin of imports to the U.S. in FY 2010, outpacing Canada by almost $80 billion. China is expected to maintain the lead in fiscal year 2011.