The Port of Oswego reported a record-setting year in 2022 with shipping alone up more than 300% over the year prior. However, companies could now be even more inclined to visit, as they could save time and money.

That's because they could now save time and money under the port's new foreign trade zone (FTZ) status.

“These goods come in and we can actually put them in a zone where they don't pay duty in taxes until they actually need the goods," Port of Oswego Authority Executive Director William Scriber explained. "So we become a logistics partner to companies to manage not only their cash flow, but their operations as they go forward."

FTZs are areas in the U.S. that are legally considered outside of the U.S. Customs and Border Protection Agency’s authority. Another benefit is goods can be stored there indefinitely, rather than at a bonded warehouse with a time limit.

What You Need To Know

  • Port of Oswego Authority leaders recently announced the port's new designation as a foreign trade zone

  • FTZs are legally considered outside of the U.S. Customs and Border Protection Agency’s authority

  • With that designation, companies could be more inclined to come to the port, as they could save time and money

“Let's say for example, Micron. There may be instances where they need a number of items, but they don't need them at the site right now. The port logistically could store them. It would be like they are still in another country or another area, and then when they need them, we release them and then they pay the duty in taxes,” Scriber said.

Scriber said the port has gone through a “renaissance” in the last four to five years, with more than $30 million in improvements. Numerous testing labs, which are necessary for exports, tserve many businesses, including more than 100 farmers across the state.

The port’s location is ideal for many as it is also on a class I rail line, providing direct connections throughout the country and Canada.

“We have the canal, which we’re directly connected via barge to New York City. We have Lake Ontario, the St Lawrence Seaway. It's the gateway to the world, so the opportunity's here," said Scriber.

He said the Port of Oswego Authority has a five-year plan for growth.

They’re working on an advertising model for the FTZ right now. Port of Oswego Authority officials hope they can work together with Micron Technology as it moves forward in Onondaga County.