June 3, 2024 (press release) –
- Newly added feature on online self-serve platform "My Global Trade Services" enables shippers to compare and analyze trade lanes
- The user-friendly interface helps customers obtain references regarding customs information on licenses and permits required for entry
- Companies can procure materials in a cost-efficient manner or gain access to new markets with a 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
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.
Desire for market penetration
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
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DHL – The logistics company for the world
DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 395,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as "The logistics company for the world".
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