The U.S. Commerce Department has approved a new foreign trade zone (FTZ) in Miami-Dade County at PortMiami.
“The new Foreign Trade Zone in Miami will provide Florida businesses with new opportunities as they seek to export their products around the world,” said Commerce Assistant Secretary for Import Administration Paul Piquado, in a statement.
“Florida businesses have a powerful new tool: those that use the zone will now save substantially on import duties and processing fees in addition to having stronger security measures and faster delivery of goods,” he added. “This is good news for Florida exporters that will help spur Florida’s economic recovery.”
The PortMiami FTZ 281 stretches north from Southwest Eighth Street to the Broward County line. It will be among the nation’s first to operate under new, streamlined processes. U.S. businesses that work within a FTZ can receive, warehouse, and re-export products duty-free, thus reducing costs and helping businesses become more globally competitive. Thousands of businesses each year use FTZs to coordinate foreign and domestic shipments.
According to the Commerce Department, the Miami metropolitan area was the 5th largest export market in the United States in 2010, with merchandise shipments totaling $35.9 billion.