Trade Value Meaning

In ITGS, the trade value corresponds to the statistical value, i.e. to the amount which would be paid in the event of sale or purchase at the time and place the goods cross the national border of the reporting Member State. It is said to be a FOB type value (free on board) for exports/dispatches and a CIF type value (cost, insurance, freight) for imports/arrivals.

In the case of exports/dispatches, the statistical value includes only incidental expenses (freight, insurance) incurred on the part of the journey located on the territory of the exporting Member State. For imports/arrivals, it includes only incidental expenses incurred on the part of the journey located outside the territory of the importing Member State. It does not include taxes on import or export, such as customs and excise duties or VAT.

In the case of goods imported or exported for processing, it is always the total value of the goods which should be reported, before and after processing, not just the value added by the processing procedure.