What is the Virginia TradePort?

The Virginia TradePort is actually multiple resources in one including a U.S. Customs and Border Protection (CBP) Port of Entry (Port of Entry #1412) and a Foreign Trade Zone (Foreign Trade Zone #238). It also includes the established facilities and resources that support a vibrant domestic and international trade community as well as a transportation network that provides easy access to the world via rail, air, or truck transport.

A Port of Entry processes goods entering and exiting the United States and enforces customs laws. Foreign goods may be entered for consumption, for warehousing, or for transportation to another port of entry. Goods arriving to the Virginia TradePort in-bond from a different port can be immediately handled, saving an importer considerable time and money (rather than waiting for shipments to clear in more congested ports). The Virginia TradePort has a Customs and Border Protection officer on site to provide personal and timely inspection and clearance of imported and exported goods. There are also numerous customhouse brokers in the region to assist with the entry and export process as necessary.

A foreign trade zone is a secure and enclosed area under the supervision of U.S. Customs and Border Protection. It is considered to be outside U.S. customs territory. This allows foreign goods to be brought into the zone without being subject to U.S. customs duties. Goods will remain duty free until the goods enter the U.S. commerce. While goods are in the foreign trade zone they can be stored, inspected, manipulated, processed, relabeled, and repackaged (all while being in a duty free environment). Customs duties are due at the time the goods move outside the foreign trade zone and enter U.S. commerce. If the items are re-exported or destroyed, no duties will be due. If the items are manufactured into a lower duty rate product, then duty can be paid at the lower rate (with approval from the Foreign Trade Zone Board).

The Virginia TradePort is a public/private venture under the supervision of the New River Valley Economic Development Alliance and U.S. Customs and Border Protection.