DHL Express, the world’s leading international express service provider, has further enhanced its AI-powered platform, “My Global Trade Services” (MyGTS), with a new “trade lane comparison” feature. This feature enables businesses of all sizes to find references to existing trade lane regulations and requirements between the exporting and importing country or territory. With this, companies planning a market expansion strategy can leverage the solution to make well-informed decisions to maximize efficiency and gain competitive advantage.
MyGTS is an online self-serve portal that helps users easily retrieve customs information to pre-plan shipments as they access new markets or launch new products. The new feature uses artificial intelligence and machine learning to provide an overview of the trade agreements in place and estimated duties/taxes which are included in the landed cost of the different trade routes. Landed costs can be defined as the total cost of getting a product from the factory to a customer’s door. Besides shipping fees and insurance, it includes estimated customs duties and taxes for cross-border shipments.
On the platform, users will simply need to indicate the product they are shipping and the desired exporting and importing country or territory. This is especially useful to small and medium enterprises (SMEs), often challenged by a lack of internal resources, knowledge, and expertise to navigate a complex landscape of customs regulations and procedures.
“Companies including SMEs are doing what they can to boost business resilience and global presence. However, SMEs tend to be impeded by the intricacies of trade regulations and processes, slowing down their expansion plans,” said Yung C. Ooi, Asia Pacific Senior Vice President for Commercial, DHL Express. “The new trade lane comparison capability helps SMEs enhance the understanding about customs requirements and landed cost. It aligns with our commitment to providing innovative solutions to help SMEs lower major trade barriers and become more confident in cross-border trade activities.”
Information on trade lane comparisons
With this information, businesses can analyze and identify routes that offer the most favorable import and export conditions, leading to potential cost savings and increased profitability. When sourcing or procuring materials from different factories or vendors, importers can identify references of where import license or permits are required for entry. On the other hand, exporters will be informed about the import customs requirements for the products that they want to ship to the destination country or territory. This valuable insight helps businesses to define their go-to market strategy, strategically positioning themselves in new markets.
Information on trade lane comparisons
With a heightened focus on risk mitigation and resilience, companies can leverage this feature to reduce reliance on single-sourcing locations. Moreover, businesses can tap into the burgeoning Asia market, which presents immense market opportunities fueled by many manufacturing powerhouses and emerging consumer markets. The latest DHL Global Connectedness Report shows that corporate globalization is rising, as companies invest in overseas markets, and expand their international presence.
MyGTS is part of DHL’s Global Trade Services, which contains a suite of capabilities that help shippers easily navigate the increasingly complex customs regulations and requirements. Besides the new trade lane comparison feature, MyGTS also includes a pre-shipment planner tool that helps businesses know the import/export requirements regulations and calculate landed costs.
