FTZ No. 62 continues to power economic progress in the Rio Grande Valley and bring value to the Port of Brownsville
BROWNSVILLE, Texas (May 5, 2020) — Foreign Trade Zone No. 62 at the Port of Brownsville reported a record-setting $8.9 billion in the combined value of exports and imports for 2019.
The total value of export shipments through FTZ No. 62 reached $4.3 billion in 2019, an increase from $3.8 billion the year before. In turn, the FTZ received $4.6 billion in imports. These numbers, the highest in the zone’s history, saw products in the petroleum industry and shipbuilding equipment bring the most value, supported by the steady transport of steel, aluminum and wind energy products.
With domestic exports and foreign imports valued in the billions, FTZ No. 62 continues to be a positive economic driver for communities throughout the Rio Grande Valley.
“The port’s strategic location on the U.S./Mexico border makes FTZ No. 62 an attractive place for shippers and cargo owners to do business,” said Tony Rodriguez, director of Cargo Services and FTZ administrator for the port, “We are helping create more jobs for our community and in Texas and are proud of our role as the largest FTZ in Texas and one of the largest in the U.S.”
Aside from administrating FTZ No. 62, the Port of Brownsville continues to drive economic growth locally and statewide. A 2019 economic impact study by Martin and Associates – the nation’s leading maritime economist – found that economic activity generated by the Port of Brownsville produced $201 million in annual tax revenues and supports more than 51,000 jobs across Texas, including 8,500 in the RGV. And, with increased transportation of foreign trade, services such as U.S. customs brokers, freight forwarders, and the intermodal transportation models and other localized services have seen a jump in activity.
FTZ No. 62 is an example of how trade and commerce is a reliable source of economic activity for the region – even in uncertain times. Throughout March and April, in the midst of the COVID-19 pandemic, the port remained open as an essential industry, maintaining safe and responsible operations and transporting products throughout the U.S. and worldwide. As local economies begin recovery from the pandemic, the Port of Brownsville will continue to play its part by pursuing its mission as an economic engine for the Rio Grande Valley region, supporting jobs, creating new opportunities and helping our communities through this challenging time.