Foreign Trade Zone
FTZ#92: Zone in to savings, ease and efficiency.
The Mississippi Coast Foreign-Trade Zone project - designated as U.S. Foreign Trade Zone No. 92 - consists of 14 General-Purpose Zone areas and four subzones.
Major Zone and subzone users include:
- Channel Control Merchants (Subzone 92-E)
- Chevron (Subzone 92-D)
- Gulf Ship (Site 3)
- Ingalls (Subzones 92-B & 92-C)
- VT Halter Marine (Subzone 92-A)
In terms of movement of merchandise, value-added, and employment, total Zone-related economic activity for the entire Mississippi Gulf Coast Foreign-Trade Zone project totaled approximately $11.4 billion in Zone-related activity, of which approximately $1 billion was comprised of value-added activity. Employment for activities that involved Zone related merchandise exceeded 5,400. Overall employment within activated Zone facilities was approximately 15,000. Exports from Zone users totaled $4 billion in value.
In 2018 users of the Mississippi Coast Foreign Trade Zone and the Greater Mississippi Foreign-Trade Zone collectively produced $21 billion in manufactured goods. This represents about 18% of all economic activity in the State during 2018.
Both importers and exporters, regardless of operational size, enjoy significant advantages when they locate on any of Hancock County’s 775 acres designated as Foreign Trade Zone (FTZ) #92. The FTZ reduces a range of tariffs, duties, and taxes, while also streamlining and eliminating paperwork and facilitating greater quality control and improved inventory tracking.
Save and streamline in multiple ways:
- Reduction, elimination or deferral of duties. Bring goods into the FTZ duty-free and exempt from inventory taxes.
- Relief from inverted tariffs. While tariffs on component parts may be higher than those on manufactured goods (which may be zero), in the FTZ manufacturers can choose to pay the lower tariff.
- Exemption of duty on re-exports. The FTZ shields imported components or raw materials from duties until they enter the U.S. commerce system, making re-exported products exempt.
- Duty elimination of waste, scrap and yield loss.
Save every week:
- Weekly entry savings. Shipment entries are filed once weekly rather than with every shipment, which saves not only the cost of fees, but also the time and aggravation of added paperwork.
Save at the warehouse:
- Indefinite storage.
- Enhanced inventory tracking and quality control. With companies in control of their own FTZ warehouse operations, identification and classification of goods is greatly improved over an ordinary Customs controlled location.
Save here in the U.S.
- Intra-U.S. FTZs. While FTZs are generally utilized to save on exports and imports, some manufacturers move from FTZ to FTZ within the U.S., further reducing costs.
For a breakdown of exactly how FTZ#92 can benefit your operations, contact Greg Jones for more information.
Greg Jones
(251) 471-6725
gregjones@ftzcorp.com
Foreign-Trade Zone Corporation
2062 Old Shell Road
Mobile, Alabama 36607