CBP: Revenue From Entry Summary Reviews Skyrockets in FY 2025 YTD
The amount of net revenue coming from entry summary reviews for the first six months of FY 2025 has skyrocketed to a staggering $20.31 billion, well above the $667.55 million for all 12 months of FY 2024, according to trade statistics data last updated by CBP on April 25.
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That $20.31 billion also balloons the yearly totals for fiscal years 2020 through 2023, according to the data. CBP's fiscal year runs from Oct. 1 to Sept. 30.
Meanwhile, the total amount collected from importer audits in the first six months of FY 2025 has already exceeded the annual totals of all fiscal years since FY 2020.
For the first half of FY 2025, CBP has collected $134.16 million from its audits, compared with $114.5 million in FY 2023 and $117.67 million in FY 2024.
As collection values increase, audits themselves in FY 2025 could equal or surpass 2024 levels, should the growth rate remain constant. CBP has conducted 200 audits between Oct. 1, 2024, and March 31 of this year, compared with 435 audits in FY 2023 and 417 audits in FY 2024.
FY 2020 was the year that saw the greatest number of audits performed, at 466.
As for penalties, CBP has issued 1,055 penalties for the first six months of FY2025, compared with 2,592 penalties issued in FY 2023 and 2,204 penalties issued in FY 2024.
The value of trade penalties and liquidated damages collected, meanwhile, is $12.61 million for the first six months of FY 2025, compared with $33.3 million in FY 2023 and $26.29 million in FY 2024.