Goods are regarded as imports when they are brought into the country either directly or into bonded warehouses, irrespective of whether such goods are for consumption, to be processed, use in manufacturing or subsequent re-exports to other countries. It is also termed as `general imports'.
Goods (locally produced or manufactured or imported for subsequent re-exports) are regarded as exports when they are taken out of the country. It is also termed as `general exports'.
Goods are regarded as re-exports when they are taken out of the country in the same form as they were imported without any transformation. Re-packing, sorting or grading processes are not considered as part of the transformation process.
Imports are valued on a c.i.f. (cost, insurance and freight) basis, that is, the value of the goods in the market at the statistical/customs frontier of the importing country, including all charges for transport and insurance whilst in transit but excluding the cost of unloading from the carrier unless it is borne by the carrier.
Exports are valued on a f.o.b. (free on board) basis, that is, the value of the goods in the market at the statistical/customs frontier of the exporting country, including all costs of transporting the goods to the statistical/customs frontier, export and other duties payable as well as the cost of loading the goods onto the carrier unless the latter cost is borne by the carrier.
