Bonded warehouses, which are also named bonds, are very welcomed between importers and exporters. Then do you know what is bonded warehouse is? Now follow us to learn more about the bonded warehouse.
Bonded warehouse refers to a secure area or building approved by the customs for the storage of imported goods (the stored goods are temporarily exempt from customs duties) not subject to customs laws and import control regulations.
The Imported goods stored in bonded warehouses can be modified, graded, sampled, mixed and reprocessed in the warehouse upon approval. These goods are exempt from customs duties if they are re-exported, and are subject to customs duties if they enter the domestic market. Bonded warehouses can help improve inventory and cash flow efficiency.
The types of bonded warehouses:
1. According to the different objects of use, bonded warehouses are mainly divided into two categories:
(1)Public Bonded Warehouse: especially provide bonded warehousing services to the society.
(2)Self-use bonded warehouse: only store bonded goods for the company’s own use.
In addition, the bonded warehouses specially used to store goods with specific purposes or special types are called special-purpose bonded warehouses (special-purpose bonded warehouses can be public-use or self-use), which can be divided into four categories:
- Liquid bonded warehouse.
Store crude oil, aviation kerosene, vegetable oil and other oil and gas-liquid chemicals.
- Material preparation bonded warehouse.
It is a bonded warehouse where the storage of processing trade enterprises is limited to the supply of imported raw materials, equipment and their parts and components.
- Consignment and maintenance bonded warehouse.
Store imported consignment spare parts for servicing foreign products.
4. Other special bonded warehouses.
MOOV owns 8 bonded warehouses in China, which are all state of the art, highly secure and efficient. Shanghai Yangshan, which houses the strategic bonded warehouse of MOOV in China, is well equipped with the capability of processing 10000+ PO daily and is available for temperature-controlled and dangerous goods.