It’s Christmas time! If you’re an electronics importer you know that July is the typical month for importing electronics for the holiday season. Are you preparing to import electronic merchandise in the coming months to the United States? We’ve got the tips you need to comply with regulations. Here’s what you need to know.
Electronic Products Top U.S. Import Dollar Value
Nothing is bigger on a dollar value scale than importing electronic products. Apparel may top the U.S. imports list every year but electronic product imports represent the highest dollar value. American imports totaled $2.309 trillion in 2015. That’s a trillion with a capital T. Electronic equipment import purchases from Americans totaled $332.9 billion in 2015. That makes up 14.4% of total U.S. imports each year.
Top Electronic Imports
Americans love their electronic products. So just what are they buying? Here’s the top 5 electronic product imports you’re likely importing and what was spent on them in 2015:
- Phone system devices $102.4 billion
- Integrated circuits/micro assemblies $28.8 billion
- TV receivers/monitors/projectors $26.9 billion
- Insulated wire/cable $19.9 billion
- Electrical converters/power units $14.5 billion
Top Electronic Exporters List
Ever wonder which countries export the most electronics to other countries? China tops the list. Exporting electronic products is big business for many countries including the U.S. Here’s the top 5 electronic exporters and the amount they exported in 2015:
- China ($600.3 billion)
- Hong Kong ($248.2 billion)
- United States ($169.8 billion)
- South Korea ($138.4 billion)
- Germany ($131.3 billion)
FDA Oversees Electronic Imports
The U.S. Food and Drug Administration (FDA) works to protect the health, safety and the pocketbook of consumers. The FDA is inspecting more than just food and drugs. The FDA also oversees and inspects imported electronic products. Electronic product imports must be safe and effective before they are approved for import clearance. The following guidelines must be met for electronic products:
- Effective and durable
- Properly labeled with the information in the English language
- Radiation-emitting devices must meet established standards through this declaration form.
Electronic Product Tax Designation
Electronic products have their own section in the Harmonized Tariff Schedule. The HTS decides what tax, or tariff, you’re going to pay for those electronic imported goods as an importer. A number classification is based on a product’s name, use and/or the material used to construct the goods. Your imports are then given a classification code number. Use this import electronic product calculator to do your tax math.