Merchandise that for commercial purposes is identical and interchangeable in all situations. [19 CFR § 191.2(b)] In an FTZ, fungible merchandise may be identified by an inventory method authorized by… Read More
Fungible MerchandisePosted on May 31, 2013
FTZ ActPosted on May 31, 2013
The Foreign-Trade Zones Act of 1934, as amended, and the rules and regulations of the Board promulgated there under.
Foreign-Trade Zones ReportsPosted on May 31, 2013
Reports used in the operation of Foreign-Trade Zones are designated by Customs. These reports may be completed by either the Operator/User as the Importer of Record, its duly assigned Customhouse… Read More
Foreign-Trade Zones NumberPosted on May 31, 2013
A number assigned by the Foreign-Trade Zones Board at the time of approval of the zone grant.
Foreign-Trade Zones Board (FTZB)Posted on May 31, 2013
The Foreign-Trade Zones Board was created by the Act to carry out provisions thereof. The FTZB consists of the Secretary of Commerce, who is the chairman and executive officer, and… Read More
Foreign-Trade Zone (FTZ)Posted on May 31, 2013
A restricted-access site, authorized by the FTZB and supervised by Customs (19 CFR §146) where companies can use special Customs procedures prior to entry for consumption. Zones are located in… Read More
Foreign Status MerchandisePosted on May 31, 2013
Imported merchandise of every description (except articles specifically and absolutely prohibited by statute) that has not been released from U.S. Customs custody into the U.S. Customs territory. Imported merchandise upon… Read More
Foreign-First (FOFI)Posted on May 31, 2013
An accounting method based on the assumption that foreign status merchandise is decremented first.
First In-First Out (FIFO)Posted on May 31, 2013
The method by which fungible merchandise or articles are identified by recordkeeping on the basis of the first merchandise or articles received into the inventory. Under this method, withdrawals are… Read More