What is valuation primarily based on?

Valuation in customs terminology is primarily based on the country of origin of the goods. This is because the customs valuation method aims to determine the correct duty and taxes to be applied to imported goods. The country of origin signifies where the goods were produced or manufactured, which is a crucial factor in establishing their value for customs purposes.

Different valuation methods may be used depending on the circumstances, but they all fundamentally rely on knowing the origin of the goods in order to assess their market value accurately. The country of origin can influence tariffs and trade agreements, as trade policies often vary significantly based on where products are made. Understanding this principle is essential for customs brokers as they navigate the complexity of international trade regulations.

While factors like market value or the countries involved in trade may play a role in various contexts, they do not hold the same weight as the country of origin when it comes to the specific regulations governing valuation in customs.