Tuesday, August 25, 2009

Trade Terms Tuesday

Welcome to Trade Terms Tuesday! Each Tuesday, we will share three trade-related terms. In order to reach out to our diverse readership, we will try to provide one for exports, one for imports and one for logistics/transportation. This week, we continue with the R’s.

Radio Frequency Identification (RFID)
In addition to theft prevention, RFID’s are used to identify and track unique items using radio waves. Typically, a reader communicates with a tag, which holds digital information in a microchip. RFID tags can be used to track container movements based on a radio frequency signal. RFID’s are being used to monitor, track and manage valuable assets during the transport, storage and delivery supply chain process. Use of RFID’s has grown in response to increased security requirements by CBP.

Reconciliation is a CBP program that allows importers to make an entry that may contain incomplete information and file the information within the specified period. Entries subject to reconciliation must be flagged at the time of initial entry. There are certain restrictions on the transactions that are subject to reconciliation.

Reexport means an actual shipment or transmission of items subject to export regulations from one foreign country to another foreign country. Under the EAR, the export or reexport of items subject to the EAR that will transit through a country or countries to a new country, or are intended for reexport to the new country, are deemed to be exports to the new country.

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