SpendEdge Forecasts a Spend Growth of over USD 60 Billion for the Customs Brokerage Industry
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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Things to Know Before Venturing into the Customs Brokerage Industry:
- Intensifying competition in the supply market will restrict any sharp rises in customs brokerage fees.
- Buyers are advised to engage with suppliers who can offer a complete solution for the entire back office customs duties. While this minimizes the requirement to engage with multiple suppliers for different needs, it also enables buyers to focus on the core facets of customs brokerage.
- The customs brokerage industry is currently dominated by category-focused suppliers. These suppliers exhibit cross-functional expertise that includes a team of logistics experts that help buyers navigate areas of transportation, distribution, customs, and regulatory compliance. They emphasize a comprehensive approach to efficiently manage and optimize the supply chain.
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Other key topics covered in this report are:
- Customs brokerage industry spend segmentation by region
- Total cost of ownership analysis in the customs brokerage industry
- Regional spend opportunity for customs brokerage suppliers
- Customs brokerage suppliers cost structure
- Customs brokerage suppliers selection criteria
- Customs brokerage suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the customs brokerage industry
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