Press Release Article
PORT AUTHORITY’S FOREIGN TRADE ZONE NO. 49
REPORTS $12 BILLION IN MERCHANDISE HANDLED IN 2002
Date: Apr 09, 2003
Press Release Number: 47-2003
Zone’s Activity Ranks Second out of 241 U.S Foreign Trade Zones
In another indication of job-creating economic activity in the Port of New York and New Jersey, the Port Authority today reported an 11 percent jump in the value of foreign merchandise handled in 2002 by the agency’s Foreign Trade Zone No. 49.
The Foreign Trade Zone – which encompasses the New Jersey Marine Terminals and several adjacent facilities – ranks second to Houston among the nation’s 241 foreign trade zones, said Port Authority Executive Director Joseph J. Seymour. Total value of merchandise handled in the zone in 2002 was $12 billion.
Last week, the Port Authority reported a dramatic 13 percent annual increase in containerized cargo at its port facilities.
New Jersey Governor James E. McGreevey said, \"The port’s foreign trade zone provides substantial benefits to New Jersey’s economy and to businesses and consumers in the state. It allows companies operating under the zone to defer, reduce or eliminate U.S. Customs duties. And it provides a plentiful supply of foreign products to New Jersey consumers at reasonable prices.\"
Port Authority Board Chairman Jack G. Sinagra said, \"Our foreign trade zone and its subzones have been a shining light during this economic slowdown, providing 7,057 jobs during the past year. In addition, the zone and its subzones also create additional employment opportunities for suppliers and service providers in the communities it serves.\"
Port Authority Executive Director Seymour said, \"Foreign Trade Zone No. 49 has been a tremendous benefit to local communities that surround the Port of New York and
New Jersey. It provides them with an expanded tax base from new businesses and higher employment, and will ensure that an adequate supply of competitively priced products are available to the public.\"
The Foreign Trade Zone allows participating companies to defer, reduce or possibly eliminate U.S. Customs duties on goods they import through the Port of New York and New Jersey. No U.S. Customs duties are paid on merchandise that is exported from a foreign trade zone.
The 2,504-acre Foreign Trade Zone No. 49 includes the Port Newark/Elizabeth Port Authority Marine Terminal complex; the Port Authority Auto Marine Terminal; the Port Authority Industrial Park in Elizabeth; Global Marine Terminal and Greenville Industrial Park, both in Jersey City, N.J.; a 23-acre site at Route 169 & Pulaski Street in Bayonne; and 40 additional acres at Newark Liberty International Airport covering the tank farm and fuel distribution system.
Among the current Foreign Trade Zone No. 49 users are motor vehicle importers, auto processors, multiple-use warehouse operators, and frozen orange juice importers.
In 2002, two major New Jersey companies – Van Brunt Port Jersey Warehouse of Newark, and Movado Group, Inc., of Moonachie – were granted Foreign Trade Zone status.
The Port Authority of New York and New Jersey operates some of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; the George Washington Bridge; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH rapid-transit system; the Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan. The Port Authority is financially self-supporting and receives no tax revenue from either state.