Why and When Your Ocean Freight Shipment Would Require a Bonded Warehouse
Customs regulations are a necessary, but challenging part of international shipping. Clearing customs increases costs, paperwork, and time delays. Customs-bonded warehouses help reduce this friction and are an integral part of the global supply chain. What is a bonded warehouse? A customs bonded warehouse is a secured building or area where merchandise can be imported and stored for a period of time, without any import taxes (duties) being charged. Duties are only paid when the goods are removed for domestic use . No duties are charged If the merchandise is re-exported, destroyed by customs, or withdrawn for use on an international vehicle or aircraft. The United States permits eleven types of bonded warehouses, where imported goods can be kept for up to five years. While in bonded storage, merchandise can be handled and manipulated as long as the processing doesn’t change its essential nature. All types of products can be kept in bonded storage, including animals and restricted