Duty

Duty, in the context of international trade and shipping, refers to the taxes or tariffs imposed by a government on imported or exported goods. Import duty, also known as customs duty or import tariffs, is a tax collected by customs authorities when goods are brought into a country from abroad. Export duty, on the other hand, is a tax applied to goods leaving a country for international markets. The purpose of imposing duties is to protect domestic industries, regulate trade, generate revenue for the government, and influence economic policy.

Duty rates vary depending on the type of goods, their origin, and the specific trade agreements or trade policies in place between countries.