These costs are a critical factor for the profitability of your business for several reasons: 

• Profit margins: They can be reduced if they are not well calculated.
• Product competitiveness: Good management allows better prices to be offered.
• Financial planning: Strengthened when real costs are known from the start.

Each stage of the import process generates specific costs that need to be carefully considered: 

Tariffs and customs duties 

Tariffs are taxes levied by customs authorities on imported goods. Their calculation is generally based on the CIF (Cost, Insurance and Freight) value of the product. In this regard, we explain the following:

• Basic calculation: CIF value × Percentage of applicable tariff.
• Example: If the CIF value is US$10,000 and the tariff is 5 percent, the cost will be US$500.

International transport 

Transport can be by sea, air, or land. Each mode has its advantages and costs, for example:  

• Sea: Cheaper for large volumes; ideal for non-urgent goods.
• Air: Fast but expensive; recommended for perishable or urgent products.
• Road: Mainly used for regional shipments or internal transport.

Cargo insurance 

Insurance covers damage or loss during transport, protecting the importer against eventualities such as accidents or theft. The cost of insurance is generally calculated as a percentage of the value of the insured goods. 

Customs warehousing and handling  

Goods held in bonded warehouses generate storage and handling costs. Their calculation is based on the time the goods remain in storage, their volume, and their weight.  

There are also hidden costs, such as customs brokerage fees, additional taxes, such as VAT in some countries, and penalties for documentation errors or non-compliance with regulations. 

There are several ways in which your business can optimize its costs without compromising quality, such as:

Use of trade agreements 

Importing from countries with preferential agreements can result in significant tariff savings.  

Digital tools  

Use digital tools, which allow you to automate processes, make more accurate calculations, and have greater control over inventory and expenses. 

In conclusion, import costs are an essential component of business logistics for small and medium businesses. Understanding each of its elements, from tariffs to insurance, allows SMEs to make informed decisions that optimize resources and increase their competitiveness.

For many small and medium businesses, importing products is a way to grow, diversify their offer, or find better prices. But it also means facing several costs that can affect profitability if not well understood or carefully managed. 

Import costs are not limited to the price of the product. They also include tariffs, transport, insurance, storage, customs clearance, local taxes, and other expenses that are often not considered at the outset. Therefore, thoroughly understanding these costs is essential to making the right decisions and avoiding surprises. 

Bibliographic references

DIAN (National Tax and Customs Directorate). (2020). Transportation Expenses in Determining Customs Value. https://www.dian.gov.co/aduanas/aspectecmercancias/valoracion_de_mercancias/Temas_de_interes/Documents/Cartilla Gastos de Transporte.pdf

IContainers (Global Logistics). (2024). The Ultimate Guide to Import Tariffs. https://www.icontainers.com/es/aranceles-de-importacion/

Microsoft (2024, December 19). New Digital Age: How South American SMEs are revolutionizing their industries with AI and the cloud. https://news.microsoft.com/es-xl/nueva-era-digital-como-las-pymes-sudamericanas-estan-revolucionando-sus-industrias-con-ia-y-nube/

Triana, J. (2020, September 24). Import cost structure. LinkedIn. https://es.linkedin.com/pulse/estructura-de-costos-importación-juan-triana-montezuma

University Santo Tomás. (2024). Importance of costs in imports.  https://repository.usta.edu.co/handle/11634/58158