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According to the Department of Statistics in Singapore, the United States in 2021 was one of Singapore’s largest trading partners. In other words, a large part of Singapore goods are being shipped to the U.S. Based on the aforementioned source, the total goods traded amounted to S$57.8 billion in 2020, with the Office of the United States Trade Representative stating that the U.S. Goods and Services Trade surplus with Singapore totalled S$9.6 billion in 2020.
It is essential for businesses to have a good understanding of Singapore’s top export categories to have a clearer view on what are the products and services that are in demand in the U.S. market. According to the United States Trade Representative, the different categories of Singapore’s main exports to the U.S. include the likes of machinery and transport equipment, refined petroleum products, electronic products, beverages and tobacco, amongst others.
To ensure smooth importing and exporting of goods between the U.S. and Singapore, it is essential for the U.S. to have her own import and export regulations. There are various things to note when it comes to the different U.S. import regulations and import laws. To enter the country legally, the imported goods are required to reach the port of entry. Furthermore, you would need the U.S. Customs and Border Protection’s (CBP) authorisation to deliver the goods. Lastly, the payment of the estimated duties would need to be completed. The importer of record is in charge of arranging the examination and issuing of the goods.
The following documents are required to be filed at specific locations by the directors of the port within a span of 15 days from the arrival date of the shipment to the entry port:
Entry Manifest or, Application and Special Permit for Immediate Delivery, or other forms of merchandise release needed by the port director,
Evidence of the rights to make entry,
Commercial invoice or a pro forma invoice when the commercial invoice cannot be produced,
Lists of Packing, if appropriate,
Other relevant documents to ascertain the permissibility of the goods
It is the CBP’s top priority to ensure security. Hence, the CBP officer would check the various shipments on a daily basis to determine if they are safe to enter the U.S. The goods are then examined to verify:
The shipment’s value for dutiable status and customs purposes,
If the goods are marked with country of origin, or if they need special markings or labelling
If the shipment holds forbidden articles,
If the goods are accurately invoiced,
If the goods are more than the quantity invoiced or a shortage exists,
If the shipment contains unlawful narcotics
After which, the importers would be required to further classify and evaluate the goods’ value with due diligence. The very last phase of the import process is liquidation – the final calculation of taxes owed based on current duty rates and value of goods. When goods enter the country, businesses pay only the estimated duties and liquidation provides a more accurate calculation of costs. If there is an overestimation in costs, importers will be refunded the costs and if there is an underestimation, importers will be billed the difference.
As one of Singapore’s biggest trading partners, the American market presents great potential for many companies who wish to venture overseas. By partnering with DHL Express, you can be assured that your business is provided with quality logistics and overseas shipping services to the USA, and with DHL Express’ end-to-end tracking visibility, you’re kept updated on your shipments’ movements across the globe. As the global leader in the logistics industry specialising in international shipping, courier services, and transportation, we’re more than happy to help export your goods and services overseas in the quickest possible time, even on the very same day. Start shipping with us by signing up for a DHL Express account today.