FOR IMMEDIATE RELEASE: Media Contact: Desiree Niccoli, email@example.com, 412-804-8649
MORE THAN $1 BILLION IN GOODS PASSES THROUGH RIDC OPERATED FOREIGN TRADE ZONE
PITTSBURGH, PA – April 11, 2019 – More than $1 billion in merchandise that was shipped internationally in 2018 passed through the Foreign-Trade Zone operated by Regional Industrial Development Corporation of Southwestern Pennsylvania (RIDC). That included $780,910,362 in total merchandise, including both domestic and foreign merchandise received from Canada, China, Russia, Slovakia, Thailand and the United Kingdom. In addition, $978,591,914 in merchandise was forwarded through the Zone, including merchandise that entered US marketplace and merchandise that was shipped internationally. Customs duties collected from the Zone totaled $27,383,312.
Foreign-Trade Zones (FTZ) are secure areas located in or near a U.S. customs ports of entry where companies involved in international trade can receive, store, assemble, process, manufacture and ship foreign and domestic merchandise. While physically located within the United States, FTZs are considered to be outside the U.S. for customs duty purposes. Therefore, customs duties are paid only at the time of transfer from the FTZ for U.S. consumption. If the merchandise is exported from the FTZ, no customs duty is paid.
Companies currently using Foreign-Trade Zone sites include Aircraft Service International, Inc., DNP Imagingcomm America Corporation, Polyconcept North America (Leedsworld), Mitsubishi Electric Power Products, Inc., Steelite International USA, Inc. and VSMPO-Tirus US.
“Our region continues to grow in global recognition and importance,” said RIDC President Donald Smith, Jr. “Administering the FTZ is part of our broad economic development mission, and it provides benefits to some of the many companies located here that do business internationally.”
The mission of the Regional Industrial Development Corporation of Southwestern Pennsylvania is to catalyze and support economic growth and high-quality job creation through real estate development and finance of projects that advance the public interest. A not-for-profit entity, RIDC owns over 2,800 acres of land in 11 industrial parks and manages over 50 buildings. More information is available at www.ridc.org.