Bedford County Economic Development

Office of Economic Development


Foreign Trade Zones

Foreign Trade Zone #238 (via the Virginia TradePort)

Bedford County became an affiliate of Foreign Trade Zone #238 through the New River Valley Alliance in 2012, allowing our international companies the opportunity to take advantage of these benefits where possible:

  • Delay payment of U.S. Customs duties until goods leave the zone to enter U.S. markets.
  • Pay duty only on the value of imported components when a company uses a combination of domestic and imported materials to manufacture or process goods within the zone.
  • Reduce or eliminate U.S. Customs duties and fees on goods that a company re‐exports.
  • Hold excess goods in the zone to avoid import quota restrictions, and release them during the next quota period.
  • Transfer in‐bond merchandise between zones for manufacturing and defer duty.
  • Pay reduced or no duties on nonconforming, damaged, or scrapped goods.

Please contact the Bedford County Office of Economic Development for further details about the Foreign Trade Zone agreement and how it may help your company. 

What is a Foreign Trade Zone?

What is a Foreign Trade Zone?

A foreign trade zone is a secure and enclosed area, located near or in a Port of Entry. An FTZ is considered to be outside U.S. customs territory, so that foreign and domestic materials or merchandise may be moved into it without being subject to U.S. customs duties, until the goods enter U.S. commerce. When merchandise is removed from a FTZ, customs duties may be eliminated if the goods are then exported outside the United States. If the merchandise is formally entered into U.S. commerce, Customs duties are due at the time goods move outside the foreign trade zone.

The FTZ is operated as a public venture under the supervision of the grantee (the New River Valley Economic Development Alliance), with the U.S. Customs Service enforcing Customs Service laws.