DHL Express adds new features to AI-powered “My Global Trade Service” to help companies expand into global markets
*View in browser* *DHL Japan Co., Ltd.*
Press release: June 5, 2024
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DHL Express adds new features to AI-powered “My Global Trade Service” to help companies expand into global markets
*・Enables comparative analysis of trade lanes・Strengthens
competitiveness in entering new markets*
From Singapore: DHL Express, a global leader in international express, has launched a customs information portal site that utilizes AI. My Global Trade Service
(commonly known as MyGTS)” has been further enhanced and a new “Trade Lane Comparison Function” has been added. This feature allows you to search for existing trade lane regulations and customs requirements between exporting and importing countries or regions.
My Global Trade Service is a free online tool that allows companies to easily obtain the customs clearance information they need to plan shipments when entering new markets or launching new products. The new feature leverages artificial intelligence (AI) and machine learning to provide an overview of existing trade agreements and an estimate of the customs duties and taxes included in landed costs for each trade route. Landed cost refers to the total cost of delivering a product from the factory to the customer’s location, and includes shipping and insurance costs, as well as estimated duties and taxes for
international transportation.
“My Global Trade Service” can be used by simply selecting the package to be shipped and the desired export/import country or region on the platform, as well as searching for import/export statistical item numbers (HS codes). This service is a tool that increases convenience, especially for small and medium-sized enterprises (SMEs) that do not have departments that handle specialized knowledge such as customs regulations, and helps them navigate complex procedures smoothly. Yung C., Senior Vice President, Commercial, DHL Express Asia Pacific. Ooi said: “Our customers, especially small and medium-sized
enterprises, are doing everything they can to demonstrate business resilience and operate globally. However, many companies are often held back by the complexity of customs regulations and procedures. This new trade lane comparison feature will help companies understand customs requirements and landing costs in advance. It builds on our commitment to continually provide innovative solutions and support businesses with the aim of reducing the barriers they face.”
*About the trade lane comparison function*
By leveraging the trade lane comparison feature and analyzing the routes that offer the most favorable import and export conditions, companies can unlock potential cost savings and increase
profitability. When sourcing materials from multiple factories and suppliers, you can identify reference information such as licenses required for import. On the other hand, when exporting, you can obtain information about the import requirements for shipments to the destination country. This information helps companies develop positioning strategies when entering new markets.
*Expectations for market entry*
By leveraging this new capability, companies no longer need to rely on a single source of sourcing. Expansion into Asia is an important growth opportunity for companies, as the region is experiencing rapid economic growth and is supported by manufacturing and consumer markets. 2024 edition “
DHL Global Connectedness Index
According to the DHL International Connectivity Index, companies are becoming more globalized and are investing in overseas markets and expanding their international presence.
My Global Trade Service Details:
https://www.dhl.com/discover/ja-jp/starter-hub/customs-and-regulations 2024 “DHL Global Connectedness Index”:
https://www.dhl.com/global-en/delivered/globalization/global-connectedness-report.html