Foreign Trade Zone (FTZ) 77 covers all of Shelby County.
What is a Foreign-Trade Zone?
Foreign Trade Zones (FTZ) allow companies importing products or parts from other countries and to delay, and in some cases, reduce or eliminate the taxes (import duties) that would otherwise be owed when those products/parts enter the U.S.
In the United States, a foreign-trade zone is a geographical area in or adjacent to a United States Port of Entry, where domestic and foreign commercial merchandise receives the same Customs treatment it would if it were outside of the US. The purpose of such zones is to help companies remain competitive globally by reducing tariff burdens on the importation of foreign parts and on exported finished products.
- Duty Deferral
- Duty Reduction or Exemption
- Streamlined Customs Procedures
- Financial savings
- Inverted Tariff
Activity Permitted in Zones
Merchandise may be:
- Help facilitate and expedite international trade.
- Provide special customs procedures as a public service to help firms conduct international trade related operations in competition with foreign plants.
- Encourage and facilitate exports.
- Help attract offshore activity and encourage retention of domestic activity.
- Assist state/local economic development efforts.
- Help create employment opportunities.
Foreign Trade Zone 77
2019 FTZ Results
The value of shipments received by Foreign Trade Zone 77 has grown 90% since 2013 to $1.9 billion in 2019. Shipments include various imports and exports from Mexico, Thailand, South Korea, China and Vietnam with total weight of 1.86 million lbs. Six companies utilized the zone, employing 1,798 people and importing product valued at $1.7 billion.