November 2022
By NNR USA In Uncategorised On 17th November 2022
MARKET UPDATE
November 2022 Global Trade
It’s hard to believe that only nine months ago, global trade was struggling to keep pace with demand, and the carriers were able to charge freight rates that were often 10 x higher than pre-Covid levels.
Everyone, primarily the consumer, witnessed the results as prices of all goods went up exponentially.
Mark Williams, Head of Sales Operations & Strategy at NNR USA provides market insight.
AIR FREIGHT
Residual effects of the pandemic persist, but the Air Freight market continues to show signs of improvement coming into the holiday season. Read More
TIP OF THE MONTH
Cargo screening issues are ongoing for drums. Ensure your freight conforms with chosen airlines' requirements before tendering cargo.
Importers should adjust their scheduling whenever possible by adding one day to account for potentially long airport recovery wait times.
FEATURE ARTICLE
What is a TIB? Temporary Importation Under Bond
If you are temporarily bringing goods into the U.S., you may wonder if there is a way to avoid paying duty.
A special type of customs entry called a Temporary Importation Under Bond (TIB) allows importers to bring certain goods into the U.S. duty-free for up to 3 years.
Tatiana Snigurski, Business Development Manager - Customs and Trade Compliance at NNR USA provides insight on when and when not to use a TIB.
OCEAN FREIGHT
The decline of ocean volumes from Asia to the USA will likely continue for the rest of the year. Lower demand may help normalize rates. This downward trend will motivate carriers to reduce capacity by voiding sailings to keep rates from dropping to non-compensatory levels. U.S. West Coast (USWC) lanes will experience the greatest impact. Read More
TIP OF THE MONTH
We suggest booking a couple of weeks in advance and avoid routing cargo via congested ports, if possible, to avoid delays in delivery.
DOMESTIC TRANSPORTATION & WAREHOUSE
FEATURE ARTICLE
Measuring Warehouse Performance
As 2022 quickly comes to a close, companies plan for next year.
Third-party warehouses and their customers need a set of performance metrics (KPIs) to establish the performance of their warehouses.
Tim Curran, National Business Development Manager - Supply Chain at NNR USA provides insight.
CUSTOMS BROKERAGE & TRADE COMPLIANCE
The List 1 and List 2 comment period opens for interested parties through January 17th, and eight-one exclusions related to COVID are expiring at the end of November. Read More
U.S. Customs issued notice about bond amounts required for temporary imports and what happens if a continuous bond isn't sufficient to cover a TIB. Read More
TIP OF THE MONTH
On-going tensions with China continue to be a concern.
Computer chip manufacturers and shippers need to be extra diligent in determining if they are shipping high-output chips that can be used in quantum computing and possibly violating export regulations.
The rule and new proposed rules should be followed carefully by any companies in related industries. It is vital that all companies know who they are doing business with, including individuals and companies who may be on the entities list.
Additionally, NNR checks the restricted parties lists based on the information provided by our shippers. We ask that complete company information, address, and contact person information be noted on the documentation.
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