When do you perform currency conversion for customs?

Performing currency conversion for customs is crucial for accurately determining the value of goods being imported and the associated duties and taxes. The correct timing for this conversion is based on the date of export, specifically using the exchange rate from the last day of trading in the country of export.

Using the date of export for currency conversion aligns with international trade practices, ensuring that the value reflects the economic conditions at the time the goods were shipped. This is important because exchange rates fluctuate, and the value of currency at the time of export provides a consistent basis for calculating duties.

In contrast, performing currency conversion at the time of entry submission, when goods arrive, or upon payment of duties could lead to discrepancies and miscalculations due to potential changes in exchange rates. These methods would not reflect the true value of the goods at the time they left the country of export, which could affect the duties owed based on their valuation. Therefore, the proper timing for this conversion is indeed at the date of export based on the last day in that country, ensuring accurate and fair duty assessments.