CBP Collected Record $24 Billion in Federal Revenue in FY 2003
U.S. Customs and Border Protection (CBP) has issued a press release stating that Fiscal Year (FY) 2003 was a record-breaking year for the volume of trade entering through U.S. seaports and borders. According to CBP, it collected nearly $1 billion more in revenue for the federal government in FY 2003 than in FY 2002.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
CBP states that in FY 2003, it took in $24.7 billion in revenue, primarily in duties and importation fees, while in FY 2002, it collected $23.8 billion. CBP notes that as a source of revenue for the federal government, CBP ranks second to the Internal Revenue Service.
According to CBP, the value of imports into the U.S. for FY 2003 totaled $1.2 trillion, a significant increase over last year when imports into the U.S. were valued at $1.1 trillion. CBP states that this increase is also reflected in the number of trade entries processed and the total volume of international traffic processed by CBP.
Entries via truck, rail, & sea containers in FY 2003. In FY 2003, CBP states that it processed 26.1 million trade entries, a 1.2 million increase over FY 2002 when 24.9 million trade entries were processed. The total volume of international traffic processed by CBP for FY 2003 were 11.1 million truck containers with a value of $3.5 billion, 2.4 million rail containers with a value of $10.8 billion, and 9 million sea containers with a value of $344 billion. According to CBP, the most significant change is in the number of sea containers processed by CBP, with a 1.8 million increase over FY 2002 figures.
Canada, China, & Mexico are three largest U.S. trading partners for imports. According to CBP, import data shows that Canada is the number one trading partner of the U.S. with 15% of the value of FY 2003 imports. Second is China with 11.5%, and Mexico is third with 10.6% of the value of imports.
As a result of the North American Free Trade Agreement (NAFTA), CBP states that imports from Canada and Mexico are virtually duty-free. Estimated duties received from these two countries are less than 0.1% of their total import value for FY 2003.
CBP notes that this FY 2003 import information is preliminary.
CBP press release, dated 01/14/04, available at http://www.cbp.gov/xp/cgov/newsroom/press_releases/01142004.xml