Singapore – DHL Express, an international express service provider, has recently unveiled the latest upgrade to its AI-powered platform, “My Global Trade Services.” This advanced feature now offers a new “trade lane comparison,” enabling businesses of all sizes to find references to existing trade lane regulations and requirements between exporting and importing countries or territories.
It also helps in maximising efficiency and gaining a competitive edge among companies planning a market expansion strategy, which can leverage the solution to make well-informed decisions.
As an online self-serve portal, MyGTS assists users to easily retrieve customs information to pre-plan shipments as they access new markets or launch new products.
In this case, the new feature utilises artificial intelligence and machine learning to further provide an overview of the trade agreements in place and the estimated duties and taxes that are included in the landed costs of the different trade routes.
In addition to shipping fees and insurance, it also includes estimated customs duties and taxes for cross-border shipments.
Moreover, users only need to indicate the product they are shipping and the desired exporting and importing country or territory. This will be particularly beneficial to small and medium enterprises (SMEs), which often struggle due to internal resources, knowledge, and expertise to navigate the complex landscape of customs regulations and procedures.
With trade lane comparisons, businesses can also analyse and identify routes that offer the most favourable import and export conditions, which leads to potential cost savings and increased profitability.
Additionally, companies can further utilise its risk mitigation and resilience features to decrease dependence on single-source locations. Businesses can further access the growing Asian market, offering significant opportunities fueled by various manufacturing hubs and emerging consumer markets.
Yung C. Ooi, Asia Pacific senior vice president for commercial at DHL Express, said, “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.”
“The new trade lane comparison capability helps SMEs enhance their 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,” Yung further explained.
