Stock-Market-Trends

Foreign Trade Zones Offer Cost Advantages

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FTZ No. 138, the foreign trade zone in Columbus, Ohio serving 25 countries, has been spreading the word that locating in a FTZ has its benefits. It seems the message is getting out. Businesses located in FTZ #138 saved money in customs duties and other fees as they moved $6.3 billion in merchandise through the zone in 2013.

This resulted in FTZ #138 being ranked 7th out of 177 operating FTZs in the United States. It’s the first time the region has made the top ten list. In fact in 2012 they were ranked 25.

How did this happen?

“We operate at the speed of business,” explains Angie Atwood, FTZ Administrator. “Our process is streamlined which lets us move an application through the system within 30 days. In the past that wold have taken up to a year.

”Foreign-Trade Zone #138 is a part of the Rickenbacker Inland Port, a high-speed international multi-modal logistics hub. The inland port has a base of air, road and rail transport companies supported by a mix of premier freight forwarders, consolidators, customs brokers and third-party logistics providers.

Read more on foreign trade zones on Material Handling & Logistics.

Material Handling & Logistics is an NED companion site within Penton's Manufacturing & Supply Chain Group.

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