The Latin term every exporter should know: de minimis

© Ml12nan

Another useful piece from UPS’s Longitudes blog, discussing recent changes in the de minimis threshold in the US. De minimis refers to the maximum value of goods that can be exported into a particular country without being subjected to customs duties, and in the US that was recently changed from $200 to $800, helping the small UX exporter quoted in the story – a producer of vegan shoes, wallets and handbags – to increase his sales in a hugely important export market. Crucially for small businesses, it also massively reduces paperwork, which is still one of the largest barriers to entry for any small exporter looking for new markets: “smaller businesses are reluctant to export outside of Europe – largely because of the barriers posed by onerous trade regulations and procedures”.