GlossaryEN1 min readUpdated: Jun 22, 2026
Customs valuation procedure
Customs authorities worldwide apply the customs valuation procedure to establish the dutiable value of imported goods under a shared legal framework.
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Source: https://www.wto.org/english/tratop_e/cusval_e/cusval_e.htm
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Customs authorities worldwide apply the customs valuation procedure to establish the dutiable value of imported goods under a shared legal framework. The governing instrument is the WTO Agreement on Customs Valuation (Article VII GATT 1994), which prescribes a mandatory hierarchy of six methods. Transaction value – the price actually paid or payable for the goods – takes precedence. Where it cannot be used, five fallback methods apply in sequence: transaction value of identical goods, transaction value of similar goods, deductive value, computed value, and a residual method of last resort. For importers, customs brokers, and freight forwarders, correctly working through this hierarchy matters because the resulting customs value forms the base for import duties, VAT, and other charges.
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