35+

years exclusive focus on customs & trade compliance software solutions

55+

countries on 6 continents in productive usage for customs filing

150+

countries covered with Global Trade Content Services

250+

free trade agreements in productive usage for automated origin calculation

New figures show positive impact of US-Korea FTA on animal product sales

Legislation | | MIC Customs Solutions |

US animal product sales to South Korea have risen since the introduction of a free trade agreement four years ago.


The introduction of a bilateral free trade agreement (FTA) between the US and South Korea has had a positive impact on the sale of US animal products in the Asian nation.

Figures from the Korea Rural Economic Institute have shown that imports of animal products from America were worth $1.76 billion (£1.25 billion) as of 2015, according to data from the Korea Rural Economic Institute.

This is more than double the $823 million annual average seen between 2007 and 2011, demonstrating the positive impact of the FTA between the two nations, which came into force in March 2012.

Tariff reductions, falling domestic production and rising demand were all cited as key reasons for this increase, with Korean imports of US powdered milk increasing tenfold, cheese purchases rising by a factor of five, and the value of beef shipments rising despite the impact of a mad cow disease scare in 2012.

Poultry was the only exception out of the product categories assessed, and this was attributed to a block on imports from the US until November last year due to an outbreak of avian influenza.


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MIC - Customs and Trade Compliance Software Solutions worldwide

Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

The international requirements for companies regarding customs and trade compliance management are complex and subject to ongoing legal changes covering a multitude of topics, such as: Correct product classification, compliance with export control regulations, numerous sanction list screenings, calculation of origin based on ratified free trade agreements, supply chain security initiatives, and management of special customs regimes as part of the import and export clearance processes. In addition, country-specific legal requirements that include legislative and technical changes make it increasingly difficult to completely fulfill the requirements of international customs and trade compliance.

A partnership with MIC strengthens a company’s ability to deal with the daily operational challenges of international customs and trade compliance management. MIC has a trendsetting Global Trade Management (GTM) software solution that allows companies to standardize and automate their customs and trade compliance processes. MIC’s software solution is available on 6 continents and can be configured according to the company’s specific needs to significantly improve legal compliance, thus saving time, money, and eliminating future business disruptions.

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Customs Filing

Automated electronic export and import customs clearance processes, including special customs regimes and inventory management: Import, Export, Transit, Inward & Outward Processing Relief, Bonded Warehouse, Foreign Trade Zones, Intrastat, Central Clearance – SASP, EMCS and more. “We do the last mile!”

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Central Classification

Global part master data management with increased degree of automation in customs tariff & export control classification of products based on regularly updated national customs tariffs and export control commodity lists.

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Automated preferential and non-preferential origin calculation for 250+ free trade agreements as well as electronic exchange of customer supplier declarations. Management of supplier declarations via supplier web portal.

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Central export control check of business transactions, including sanctioning list check, embargo check, end-user / end-use check, determination of approval requirements and management of approvals.

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There are various customs regulations and requirements programs throughout the world. Examples include ACE, FTZ and Duty Drawback in the USA, IMMEX in Mexico, the Union Customs Code (UCC) in the EU (and its various national characteristics), the Free Zone in Thailand, and the China Single Window. All of these have the objective of making customs procedures simpler, more modern and more efficient.

MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.

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