Regarding shipping, certain goods with anything valued at $100,000 or more are classified as high-value goods. Transporting such goods requires extra precautions due to their significant worth.
To help you better understand high-value goods in shipping, this article will provide the following information:
What are high-value goods?
According to SeaRates update, high-value goods refer to products or items with substantial monetary value, typically exceeding $100,000. These goods span diverse categories, including but not limited to luxury goods like jewellery, artwork, high-end electronics, pharmaceuticals, and high-tech equipment.
Due to their high monetary value, they warrant a unique set of considerations and precautions throughout the shipping process, as mentioned in the update.
Importing high-value items might incur significant customs duties and taxes depending on the destination country's regulations. You can check out our articles about Custom Clearance Rates and its De Minimis Guideline to learn more about our country partners' regulations on high-value goods to ensure the smooth passage of your shipment. |
Risks in transporting high-value goods
Valuable items, from advanced technology to precious jewellery, luxury items, alcoholic beverages, and essential medicines, are enticing targets for theft during transportation. Safeguarding these items has always been crucial, but contemporary circumstances have heightened their susceptibility.
Businesses dealing in high-value goods face increased vulnerability due to several factors, including the potential exploitation for money laundering and terrorist financing. The accessibility of these valuable goods for purchase and sale, coupled with their portability and value storage, facilitates easier transfers between individuals and across borders, reducing the likelihood of detection.
Adverse weather conditions, political instability, and natural disasters can impede transportation and elevate theft risk. Notably, as researchers have found, holiday seasons such as Christmas and New Year's and routine holidays exacerbate the situation by contributing to a surge in theft incidents.
Shipping strategies for high-value goods
The Cooperative Logistics Network has several strategies that can be implemented to mitigate the risks associated with shipping high-value goods:
Proper packaging: Packaging is crucial for ensuring the safety of your shipment. Using foam effectively is one of the best ways to protect high-value goods from damage in transit. Foams come in several grades and densities, and their cushioning curves will protect the fragile cargo from damage due to shock or vibration during the transportation process.
Get insurance coverage: Regardless of how many precautions you have taken to ensure the safe transit of your high-value shipment, you should always be prepared for the worst-case scenario. Therefore, it is always a good idea to insure your cargo and mitigate any possible financial losses.
Take proper security measures: A part of the shipping strategy for your high-value shipment should also entail taking adequate security measures. Some recommended security measures include extensively monitoring the shipping process via tools like barcoding, GPS trackers, and RFID tags.
With these shipping strategies, Luwjistik has developed solutions to help your business navigate high-value goods shipping.
How does Luwjistik help?
Luwjistik presents the following key features as logistics platform solutions to facilitate your business's smooth transportation of high-value goods. The solutions encompass:
Marketplace
Luwjistik's Marketplace offers an extensive selection of trusted Southeast Asia Network Partners. This tool provides transparent pricing of network partner rates and a comparison tool that enables you to choose and customise your partner based on your business requirements.
Node Calculator
Luwjistik's Node Calculator offers transparent cost calculations for Logistics Service Providers (LSPs), including a breakdown of customs duty and tax, enabling intelligent decisions to minimise expenses and improve supply chain efficiency.
Also, watch out for an exciting insurance product we launch soon. |
To learn more, visit our website at luwjistik.com or contact us at [email protected].