What is a bonded warehouse?

A bonded warehouse is a secure facility approved by the government where goods can be stored without payment of customs duties or taxes. These warehouses are typically used to store imported goods that have not yet been cleared through customs, or goods that are intended for export.

When goods are stored in a bonded warehouse, they are under the control of customs authorities and cannot be removed without proper documentation and payment of duties and taxes. This allows importers and exporters to defer the payment of duties until the goods are ready to be released for sale or export.

Bonded warehouses provide a range of services, including storage, handling, and inventory management. They are required to adhere to strict security and safety regulations to protect the goods stored within their facilities.

Overall, bonded warehouses play a crucial role in international trade by providing a secure and efficient way to store goods during the import and export process.