Tuesday, October 13, 2009

Trade Terms Tuesday

Welcome to Trade Terms Tuesday! Each Tuesday, we will share three trade-related terms. In order to reach out to our diverse readership, we will try to provide one for exports, one for imports and one for logistics/transportation. This week, we continue with X, Y and Z.

Zip Code
The zip code is a numerical code, established by the U.S. Postal Service, used for the purpose of routing mail and to identify delivery zones. Some foreign countries have a similar system. Carriers often apply this code in the same manner in the handling of freight and the determination of freight charges.

Zone Restricted Status
Zone-restricted status is for merchandise taken into a FTZ for the sole purpose of exporting it, destroying it, or storing it. If material is granted this status, it cannot be returned to the territory of the United States without FTZ Board approval (which is not frequently given). It is considered as exported material; and once given, the status cannot be abandoned. If merchandise is transferred from a bonded warehouse to a zone, it is given zone-restricted status.

Ok, we really had to dig for something on these last few letters of the alphabet, so if anyone has a good term related to exports for X, Y or Z, please feel free to share it with us. For now, we decided to use the term “you” which is defined in 15 CFR 772.1 - Definitions of terms as used in the Export Administration Regulations.


When used in the regulations, “you” is considered to include any person, including a natural person, including a citizen of the United States or any foreign country; any firm; any government, government agency, government department, or government commission; any labor union; any fraternal or social organization; and any other association or organization whether or not organized for profit.

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