In a straightforward import/export transaction, the consignee is usually the party paying import duties and taxes. Once the goods are cleared through customs, the consignee is the party who takes ownership of them. Who is the consignee?ĭefinition and role: The consignee is the receiver of the shipment, and is usually the owner of the goods. The exporter may or may not be the actual seller of the goods they could be an organisation acting on their behalf. Who is the exporter?ĭefinition and role: The exporter is the person or company that is authorised by customs and government authorities to send goods from one country into another. The IOR becomes the temporary owner of the goods until the goods have been accepted by a distribution centre or the end user has taken delivery of the goods. In many cases, the consignee (or owner of the goods at the time of import) may act in this role.Īt other times, particularly in less straightforward transactions, it’s necessary to appoint an agent or broker, or some other legal entity in the destination country, to act as the Importer of Record on their behalf.Īppointing an Importer of Record can help to avoid confusion about who actually has ownership of the goods when a transaction involves suppliers, distributors and end-users. The requirements for who can act as the Importer of Record differ between countries. Who can act as the Importer of Record / declarant? The Importer of Record is sometimes also referred to as the Declarant, and they have a very important role in customs compliance. The Importer of Record ensures that goods are correctly valued, that the relevant taxes and duties are paid, and files all the correct export documents and permits.
They are officially responsible for making sure an incoming shipment of goods complies with all the legal requirements and regulations in that country. The importer of record (also called the "declarant")ĭefinition and role: The Importer of Record (or IOR) is a person or entity in the destination country.To begin with, it is vital to understand the definitions of the three most important roles involved in an import transaction, and the differences between them: Understand the definitions and differences between three important roles in an import transaction: the Importer of Record, the Exporter and the Consignee.Įnsuring the compliant import of goods to countries around the world, each with their own complex legislation, customs regulations and documentation, is fraught with pitfalls if you're not familiar with it. In this context, the government policy, and the exchange rates are very important factors that affect a country’s exports.Released On 4th Mar 2019 What is an Importer of Record, and who is the Exporter & Consignee? On the other hand, exporting countries use trade protectionism measures such as tariffs, quotas, and subsidies, to protect their industries and give them a competitive advantage. On the upside, exports increase a nation’s foreign exchange reserves, allowing the central bank to defend the domestic currency and stabilize its value while lowering the cost of exports to foreign countries. Furthermore, the more products a country exports, the greater the competitive advantage as it gains expertise in producing goods and services that foreign countries want to use.
Many countries encourage exports as a way to increase employment, disposable income, and consumer spending. What is the definition of export? Exports, along with imports, are a key element in a country’s trade balance as the sale of exported goods increases a nation’s gross output. Definition: An export is the shipping of domestic goods or services to a foreign country, where the products will be processed, used, sold or re-exported.
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