Web-based small and medium enterprises (SMEs) retail exporters in Singapore can now gain better access to the United States market with the revision of de Minimis Threshold.
The revised de Minimis Threshold - the amount at which US import duties apply - increased the limit from US$200 to US$800. This means that sellers no longer need to pay the US import duties when the price of their products is under US$800.
"The revised de Minimis Threshold provides a timely opportunity for local businesses to internationalise. The US is the number one export destination for eBay Singapore sellers with its strong consumer purchasing capacity and high expenditure in e-commerce," said Teri Canayon, country manager of eBay Singapore Cross-Border Trade. "With a lower barrier for cross-border e-commerce for our Singapore SMEs, there will be even greater incentives to boost exports to the US market, ultimately driving greater growth."
Sellers can also mail higher value products directly to the US market, which allows them to better manage their supply chain and inventory costs.
In addition, the cost of products to American consumers is lowered. This encourages them to buy more overseas, which may eventually give Singapore businesses a better chance to grow sales in the US market.
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