Glossary

Bonded area

bonded warehouse · bonded area · bonded

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Bonded area

A place where goods on which duty has not yet been paid are held under customs control. Imported goods stay there until clearance is complete.

"Bonded" means the tax is held in suspense — the goods sit there in a pre-duty state. In tracking, a warehouse entry report means the shipment has arrived at a bonded warehouse; a departure report means it has cleared and left. A bonded area cannot be run by just anyone; it requires a licence from customs. HubNet Logistics holds licensed bonded areas at Incheon Port and Gimpo.

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