By: Michael Simmons
What are Foreign Trade Zones?
Why Foreign Trade Zones?
If you’ve thought about expanding your trade efforts, there are many advantages for using or operating a Foreign Trade Zone (FTZ). You can ship, store, assemble, or manufacture merchandise from FTZs. Zones also offer employment opportunities and stimulate trade. Using a FTZ offers relief from inverted tariff and duty exemption on re-exports and the cash flow cost savings will be of great value to your organization.
Data from Foreign Trade Zones
We collect information regarding Foreign Trade Zones from the EEI exporters submit. As you can see from Graph 1 , the use of FTZs for exports contributes significantly to overall U.S trade efforts, accounting for millions in revenue. In Graph 2 you can see the top countries of import that use FTZs to deliver a vast array of products and merchandise, such as automobiles, spirits, and confectionary are admitted into the U.S. Foreign Trade Zone.
With more than 280 Foreign Trade Zones in the U.S available for foreign and domestic companies, the use of zones continues to increase providing job opportunities for the community and numerous benefits to their users.