Our glossary simplifies common industry terms in freight and logistics into clear, easy-to-understand explanations.
A Customs Declaration is the legally required submission of import and export information by exporters or importers to customs, including the goods' name, quantity, value, place of origin, and method of transport. Customs uses these declarations to collect taxes and fees, compile trade statistics, and monitor the flow of goods. Customs declarations must be truthful and accurate; failure to do so could result in significant fines or the seizure of goods. While the widespread adoption of electronic customs declaration systems has made the declaration process increasingly streamlined, businesses must still adhere to strict regulations. For cross-border e-commerce businesses and importers and exporters, accurate customs declarations are crucial for ensuring logistics compliance and mitigating risks.
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