The Greater Rochester, NY Region is strategically located in the Finger Lakes Region of Western NY on route I-90, with close proximity to major northeast trading centers such as Boston, New York City, Philadelphia, Toronto, and Washington, DC.
On a per capita basis, the Rochester metro is among the top 30 major metropolitan exporting regions in the country. New York State ranked fourth in 2014 among top exporting states, behind only Texas, California and Washington. Rochester accounts for 5.7% of all New York State exports, and is the second largest exporting region in the state. (source: International Trade Administration)
Within the Rochester Region, businesses located in Monroe County, Genesee County, Ontario County, Wayne County, Yates County, Seneca County, and Livingston County can utilize Foreign-trade zones (FTZs) to better manage their global supply chain costs.
FTZs offer the following benefits:
- Elimination of duties on items exported directly from FTZ
- Elimination of duty drawback
- Reduction of duties/tariff inversion - allowing for the payment of duties on final products versus raw materials components
- Quota handling
- Reduction of weekly entry
- Duty deferral - duty only assessed when entered into commerce
- Less initial cash outlay
- Partial draw allowing you to use only what you need
- No time limit on merchandise to be stored in the FTZ
Try this FTZ Savings Calculator and Duty Savings Estimator Worksheet for FTZ Production to see if a Foreign Trade Zone can save your company money.
Rochester is a Port of Entry, managing more than 7,000 import transactions per year with lower fees and shorter clearance times than East Coast ports, including New York City. All types of transactions are managed through this port from small packages to multi-million machinery.
As a mid-sized city we have an average clearance time of 2 hours. This provides local companies with significant time and money savings when compared with New York City's clearance time of up to 72 hours. In addition, our entry fees are much lower than major East Coast ports such as New York City or Boston.
Regional exporters reap the benefits of existing trade agreements with 32% of the Rochester metro’s merchandise exports going to North American Free Trade Agreement (NAFTA) Countries, Canada and Mexico. In 2014, approximately $53 million of exports went to the Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR) region which includes; El Salvador, Guatemala, Honduras, Nicaragua, Dominican Republic, and Costa Rica. And, $2.24 billion or 43.5% of exports went to the 11 countries that are part of the proposed Trans-Pacific Partnership (TPP)
|GREATER ROCHESTER REGION EXPORT DATA |
|2010 ||2011 ||2012 ||2013 ||2014 |
|$8.06 B ||$7.85 B ||$7.70 B ||$7.57 B ||$7.53 B |
Source: Export Monitor 2015 (Brookings Institution, 2015)
Brookings analysis of data from BEA, BLS, IRS, Moody’s Analytics, NAFSA, and USITC
|Average Annual Export Growth |
Real Exports by Select Industry Group— 2009 to 2014
| ||2014 Exports ($ Millions) |
|% Change 2009-2014 |
|Food, Ag& Beverage Products || $657 || 55% |
|Fabricated Metal Products || $175 || 56% |
|Computer & Electronic Products ||$887 ||52% |
|Financial Services ||$458 ||51% |
|Educational & Medical Services ||$280 ||39% |
|Travel & Tourism ||$242 ||25% |
|Machinery Manufacturing ||$1,246 ||8% |
|Chemicals ||$951 ||-57% |
|Source: Brookings Institution, 2015 |