Compliance: the biggest challenge in international trade
More than half of companies involved in international trade fear they will be unable to comply with increasing and complex customs regulations. This is due to unprecedented geopolitical disruption, lack of internal expertise and capacity, and the impact of AI. This is according to a representative survey of global logistics companies and goods manufacturers.
Logistics service providers and shippers such as global freight forwarders and multinational manufacturers from the automotive, retail, consumer goods and FMCG (Fast Moving Consumer Goods) industries express these concerns in the Strategic Radar survey:
- Over 51 percent see the tightening of compliance as the biggest challenge in international trade
- 58 percent do not have the necessary skills and resources to deal with this effectively
- 45 percent turn to specialists for Customs & Trade Solutions because they are dependent on external expertise
This representative survey was conducted by the Customs Support Group (CSG), the European provider of Customs & Trade Solutions. Other challenges cited were geopolitical disruptions and the impact of AI.
Unsure about compliance issues. What to do?
"Companies involved in international trade share a common concern: the fear of risk associated with breaching complex and ever-tightening regulations," says John Wegmann, CEO of Customs Support Group. "These concerns highlight the importance of customs expertise in international trade. Despite advances in automation, clients continue to rely on our expertise to manage critical customs issues."
Another reason for outsourcing is access to more advanced digital solutions. These improve efficiency and data accuracy. As customs processing is still paper-intensive, manual and error-prone, 42% of respondents also emphasized the importance of new technological solutions. Many see AI as an important way to improve automation and efficiency - but only in conjunction with human expertise in customs and trade.
Source: www.customssupport.com
