FDi Magazine found that, of the 700 economic zones analyzed, Jacksonville’s has the third best port zone for the coming year, following the zones of Shanghai and Tangier, Morocco. Of the remaining U.S. port zones on the top 10 list, Baltimore’s ranked fourth and Los Angeles’ zone ranked eighth.
In terms of all foreign trade zones, not just port-specific, Dubai Airport Free Zone topped the list, followed by San Luis Potosi in Mexico and Aqaba Special Economic Zone in Jordan. The magazine ranked the zones by economic potential, cost effectiveness, facilities, transportation, incentives and foreign direct investment strategy.
About 1,000 acres are available within Jacksonville’s Foreign Trade Zone #64. Importers and exporters that operate within the zone can realize these advantages:
Goods moved through the zone are free of duties and excise taxes as long as their final destination is outside the U.S. This will appeal to companies planning to tap into new Asian shipping services.
Duties on the goods entering the U.S. are determined by the product’s highest value. This can be attractive to companies who assemble within the zone because they only pay on the final product instead of all the parts.
Customs entries can be consolidated and filed weekly, as opposed to being filed daily as required outside the foreign trade zone. Not only can money be saved by doing less paperwork, but also the electronic system used reduces the risk of customs penalties and cargo being held up.
For more information on operating within a foreign trade zone, contact Deborah Lofberg at (904) 357-3072 or e-mail her at email@example.com.
Jacksonville Business Journal