What is the first level in the hierarchy of appraisement?

The first level in the hierarchy of appraisement is the transaction value of the actual invoice. This method is fundamental because it refers to the price actually paid or payable for the goods when sold for export to the United States. It serves as the primary basis for appraising the value of imported goods.

The transaction value approach relies on the actual sale between the buyer and seller, which provides a straightforward and clear measure of value. This concept emphasizes transparency and accountability in international trade, as it reflects genuine market conditions. This foundational approach is essential for establishing a clear baseline for evaluating the value of goods and helps ensure compliance with trade regulations.

Subsequent levels in the hierarchy, such as identical transaction value, computed value, and deduced value, come into play when the transaction value cannot be determined or is not applicable. These levels are used in a descending order of preference when the actual sale price is unavailable or not a valid basis for appraisement. Thus, selecting the transaction value of the actual invoice as the first level reinforces the importance of direct, real transaction data in the customs valuation process.