Customs Value
The declared value of imported goods used as the basis for calculating ad valorem duties.
Customs value is the monetary amount used to calculate ad valorem (percentage-based) duties. In the US, it is typically the transaction value: the price actually paid or payable for the goods when sold for export. It may include or exclude certain charges (freight, insurance, commissions) depending on the valuation method and whether the country uses CIF or FOB basis. The US uses FOB (Free on Board) valuation. The EU uses CIF (Cost, Insurance, and Freight).