Foreign Trade Zone

{
  "id": "MLC-T-ECS-000763",
  "term": "Foreign Trade Zone",
  "field": "Economic statistics",
  "definition": "Specially licensed commercial and industrial areas in or near ports of entry where foreign and domestic goods, including raw materials, components, and finished goods, may be brought in without being subject to payment of customs duties. Goods brought into these zones may be stored, sold, exhibited, repacked, assembled, sorted, graded, cleaned, or otherwise manipulated prior to reexport or entry into the country's customs territory. Goods entering an FTZ are included in General Imports but not Imports for Consumption. They are considered Imports for Consumption if they leave the FTZ for domestic consumption.",
  "abbreviation": "FTZ",
  "subject": "Foreign trade",
  "see_also": [
    "General Imports",
    "Imports for Consumption",
    "Statistics about Foreign Trade"
  ],
  "references": [
    "U.S. Census Bureau Glossary"
  ],
  "url": "https://mlchart.com/terminology/economic-statistics/foreign-trade-zone/"
}