Partnering with FTZ No. 79 has numerous benefits for companies involved in all aspects of international trade. Whether your organization is a manufacturer, an importer and/or exporter, or looking to partner with a 3rd party for logistics, the benefits associated with Foreign Trade Zone No. 79 can greatly enhance your business. Below are a few examples of the benefits of the FTZ program.
Companies whose operations include import for export can benefit from the fact that foreign trade zone sites are considered to be outside of the Customs Territory of the United States. A company can import their merchandise into a foreign trade zone to make modifications, such as applying labeling or cleaning, and then export their product to its foreign market destination. This allows a company to maintain the process flow for its revenue generating operation.
Manufacturers can benefit from inverted tariffs on raw materials or other related items. In some cases, the duties associated with raw materials are higher than the actual finished product. Manufacturers that partner with FTZ No. 79 may import their raw materials into a zone site to manufacture the product without paying the associated duties. After the product is finished, the company may withdraw the product from the zone site and formally enter it into the United States, minimizing their operational costs.
Companies that are looking for 3rd party logistic capabilities, such as warehousing, may benefit as well. Imported goods may be admitted and held within a zone site without paying Custom duties. Imported goods may also be stored in a zone site indefinitely, until the desired time of withdraw. This is beneficial for companies that import goods that fall under quota restrictions, and allows them to hold their product in a zone site until they are eligible for entry.
These are some examples of how partnering with FTZ No. 79 can improve your company’s logistics and operations. Please contact us for more information on the benefits of partnering with Foreign Trade Zone No. 79.