Transit in import-export is a customs procedure that allows goods to be transported from one country to another without paying import duties and taxes in the country of transit.
How the transit works
- The goods are declared in transit upon entry into the transit country.
- The goods are transported under customs control to the border of the destination country.
- The goods are declared for export upon exit from the transit country.
Benefits of the transit for goods freight
- Avoids paying import duties and taxes in the transit country.
- Reduces transportation costs and delivery times.
- Facilitates international trade between countries.
Transit requirements
- The goods must be transported under customs control.
- The goods must be declared in transit upon entry and exit from the transit country.
- The goods must not be processed or used in the transit country.
Types of transit
There are different types of transit in import-export, including:
- Common transit: The goods are transported from one country to another without any change in their customs status.
- Customs transit: The goods are placed under a specific customs procedure in the transit country, such as warehousing or processing.
- Temporary transit: The goods are imported into the transit country for a limited period of time, then re-exported without paying import duties and taxes.
Importance of transit for goods
Transit in import-export plays a crucial role in international trade by facilitating the movement of goods between countries in an efficient and cost-effective manner. It allows businesses to reduce their costs and speed up their delivery times, which contributes to economic growth and development.
