The customs value or statistical value is the value of a product at the frontier of a nation or cluster of countries (Like the EU), and is used by Customs in order to be able to levy duties and taxes upon import. As the frontier of the EU is an imaginary line somewhere at sea, Customs sets the customs value as equal to the CIF value, upon import. A customs value also applies to export, but it has more of a statistical function. For exports, the FOB value is used. It is therefore possible that, on the basis of the terms and conditions for delivery used for the trade transaction, a value must be added to, or deducted from, the invoice value.
