SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Customs Brokerage Industry - Procurement Intelligence Report.
The global business scenario is witnessing a major boost in trade activities that include import and export of commodities across countries. Such a boost in the international trade activities is creating the requirement of a faster customs clearance process along with the necessary accurate documentation and compliance with customs regulations. This is resulting in the outsourcing of customs brokerage services to customs brokers who are equipped with a detailed knowledge of the tariff schedule and the listing of duty rates for import items. This will drive the spend momentum in the customs brokerage industry that will exceed 8% between 2017-2022.
Suppliers in the customs brokerage industry are observing a high demand across APAC, Africa, and South America owing to the exponential growth of industries such as chemicals, pharmaceutical, FMCG, and packaging. The increasing degree of import of automotive parts, iron and steel, and petroleum products is fueling the spend growth in the customs brokerage industry in South America. Frequent changes in the regulatory requirement in African countries such as South Africa and Nigeria are expected to result in a higher requirement of customs brokerage services in those regions.
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