On September 27, 2010, U.S. Customs and Border Protection (CBP) announced that it has completed its analysis of import trade trends through the Mid-Year Fiscal Year (FY) 2010 including projections of trade activity through the end of FY 2010. This interim report acts as a precursor to the more extensive FY 2010 Final Report to be released later this year.
Import Trade Trends provides a snapshot of the global economy. It allows CBP to analyze trade activity during the last six months and to readily establish trend lines derived from comparisons with performance in previous years. Based on the data that's been collected by CBP, CBP has confirmed that ordinary seasonal patterns are recurring in a manner that reflects our recovering economy.
The report's statistical highlights for mid-fiscal year 2010 are:
· During the first six months of fiscal year 2009, U.S. imports rapidly declined. Seasonal patterns resumed by mid-year 2010, resulting in a moderate recovery in trade.
· Imports are now at levels last seen in fiscal year 2006. Continued stability and modest growth are projected for fiscal year 2010.
· The total value of imports processed by U.S. Customs and Border Protection was slightly more than $1.7 trillion in fiscal year 2009, a 25 percent decrease from the previous year. By year end 2010, it is projected that the value of imports will increase 6 percent, totaling $1.8 trillion.
· Consistent with recent years, only 29 percent of imported goods were dutiable. The remaining goods were duty free or free under tariff preference programs.
· During the first six months of fiscal year 2010, CBP collected $15 billion in revenue for the U.S. government. It is projected that $31 billion will be collected by year end.
· A total of $130 million in antidumping/countervailing duties were collected during the first half of fiscal year 2010, down slightly from the same period last year.
· After the Revenue Gap declined for five, consecutive years, preliminary measurements indicate that the level of uncollected duties rose to 1.4 percent, which is roughly equivalent to levels reported in fiscal year 2007.
· Based on a random sampling, 98.6 percent of the fiscal year 2010 imports were materially compliant with all U.S. trade laws and regulations. This compliance rate is slightly higher than recent years.
· Entry volume at the mid-point of fiscal year 2010 is 13 million. By year end, 27 million entries are expected, an increase of 5 percent from fiscal year 2009.
· China surpassed Canada as the United States' top source of imports in fiscal year 2009, and is projected to maintain its lead through fiscal year 2011.