Glossary term
Bonded Goods
Goods held under customs control with duty and tax suspended until they are cleared or re-exported.
Goods stored or moved under customs control on which duty and import taxes have not yet been paid. The obligation is secured, typically by a bond or guarantee, rather than discharged.
Duty becomes payable when the goods are entered for home use. If they are re-exported instead, it may never fall due - which is the entire point of the arrangement for goods passing through a country rather than into it.