PortMiami Foreign Trade Zone hits 3 Million mark

PortMiami Foreign Trade Zone [dropcap]J[/dropcap]ust over two years after being approved by the U.S. Department of Commerce, Foreign Trade Zone (FTZ) 281 has 27 approved sites with over three million square feet of warehousing and logistics space, located within a service area which covers the majority of Miami-Dade County from SW 8th Street to the Broward County line.

FTZ 281, managed by PortMiami on behalf of Miami-Dade County, was established to provide a competitive tool for companies providing import/export and logistics services.

An FTZ is geographic area where duty-free treatment is accorded items that are processed within designated boundaries and then re-exported. Additionally, duty payment is deferred on items until they are brought out of the FTZ for sale in the U.S. market. FTZ sites are considered to be outside of the U.S. Customs territory (although physically in the U.S.) for purposes of payment of duty.

FTZ 281 was established under revised federal regulations which make it much simpler and faster for site designation. The Miami-Customs District ranks near the top of all U.S. Customs Districts in international trade as measured by value, encompassing 25 million square feet of FTZs and bonded warehouses serve as the Shopping Cart of the Americas.

“FTZ 281 has been very successful in expanding international trade and commerce, and enhancing economic development and job creation efforts,” said Mayor Carlos A. Gimenez. “Based on our experience to date, we hope to continue the same success here in Miami-Dade County.”

“We want to welcome all Miami-Dade County international trade and logistics companies to join Foreign Trade Zone 281,” said Port Director Juan M. Kuryla. “It is an excellent competitive resource that benefits importers/exporters, warehouse operators, manufacturers, and 3rd party logistics providers.”

For information and application processing within FTZ 281, visit www.miamidade.gov/portofmiami/ftz/asp or tel. 305- 329-4035.

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