The Combined Nomenclature 2024: Updates and Implications for Businesses

The European Union has published the Combined Nomenclature (CN) for the year 2024. This step, officially announced on October 31, 2023, will come into effect on January 1, 2024. In this blog post, we will discuss the basics of the Combined Nomenclature, the significance of the update, and how companies should respond to it.

What is the Combined Nomenclature?

The Combined Nomenclature, often abbreviated as CN, is a so-called goods directory used in the EU. It serves to clearly identify goods and classify them into customs tariff numbers. This is crucial for determining customs duties, import and export controls, as well as compliance with trade agreements and regulations. The CN consists of several thousand headings, classifying goods into various categories and subcategories. It is constantly updated to reflect changes in the global trade environment and technological developments.

The CN 2024: What changes?

The publication of the CN 2024 means that companies need to prepare for some important changes and updates. These changes may affect headings, Notes, and other details in the CN. They can impact many industries and types of goods, from agricultural products to electronics to machinery and equipment. It is important to note that changes in the CN can affect customs duties, import and export regulations, and the legal customs classification of goods. Companies must ensure they adapt their master data and customs tariff numbers to the new information to avoid future issues and delays in trade.

What should companies do?

Companies that trade internationally should actively engage with the changes in the CN 2024. Here are some steps they can take:

• Review your master data: Companies should ensure that their master data, including customs tariff numbers, is up-to-date. This is crucial for filling out customs declarations accurately and avoiding unexpected costs. Our traide Tool can help you with this, replacing the manual and time-consuming process for hundreds or thousands of records with an automated solution.

• Track the changes: Companies should follow the official communications from the EU Commission and other relevant bodies to stay updated on specific changes in the CN 2024. Our team regularly tracks and reviews the latest customs classification regulations to keep the traide Tool up to date. Moreover, we regularly report such changes in our customs tariff Community.

• Prepare yourself: Companies should take timely measures to ensure a smooth transition. This could include training for employees, updating software and processes, or adjusting contracts with suppliers and customers.
  
  

Overall, the update of the Combined Nomenclature for 2024 is an important step in the world of international trade. Companies that engage with it early and adapt their processes and data are better positioned to manage the changes successfully and benefit from smoother trade transactions.

How can we support you?

The annual update of the Combined Nomenclature affects thousands of product numbers - with direct impacts on customs classification, customs duties, and trade documents. Those who do not react in time risk delays, incorrect registrations, or additional demands.

traide AI supports you in automatically adapting your master data to the CN 2024:
Our software identifies relevant changes, reviews existing customs classifications, and efficiently updates large product volumes – all without manual checks. This way, your data remains complete, current, and compliant – allowing you to rely on the smooth operation of your customs processes.