CBP: imports, tariffs and revenue

U.S. Customs and Border Protection (CBP) increased its FY2022 collections by 19.3% to $111.9 billion.

Those revenues correspond to duties, taxes and other fees on behalf of the U.S. government.

By way of explanation: CBP, a unified border intervention agency under the U.S. Department of Homeland Security (DHS), oversees and enforces customs procedures, facilitation measures and related requirements.

For example, CBP oversees trade and customs operations at 328 ports of entry across the country (i.e., land, sea, and air points of entry), as well as various operations in 50 other countries.

CBP is the government’s second largest revenue collector and is preparing its «21st Century Customs Framework» to keep up with and adapt to a challenging new trade environment.

CBP processed $3.35 billion in imports in FY 2022, which runs from Oct. 1, 2021, to Sept. 30, 2022, equating to 39.1 million entries and more than 33.4 million cargo containers imported at U.S. ports of entry.

Notably, the agency collected approximately $104.6 billion in duties, this is 22.4% more than in FY 2021.

CBP

Over the past four years, CBP was actively involved in examining and seeking new solutions to modernize its trade systems.

As part of that initiative, it launched several blockchain-based pilot projects to test whether such a resource was viable in different situations and facilitate the movement of legitimate trade in a secure manner.

During fiscal year 2018-2019, CBP experimentally used blockchain in connection with intellectual property rights and certain free trade agreements (the North American Free Trade Agreement (NAFTA, predecessor to USMCA) and the Central America–Dominican Republic Free Trade Agreement (CAFTA-DR)).

Thereafter, CBP turned to multiple technology solutions and not exclusively to blockchain to track supply chains and improve transparency.