DHL Express, the global leader in international express services, has introduced an innovative “trade lane comparison” feature to its AI-powered platform, “My Global Trade Services” (MyGTS). This new tool is designed to assist businesses, particularly small and medium enterprises (SMEs), in navigating the complexities of international trade regulations and requirements. By leveraging artificial intelligence and machine learning, the feature provides comprehensive overviews of trade agreements, estimated duties, and taxes, aiding companies in making well-informed decisions for market expansion.
MyGTS is an online self-serve portal that offers detailed customs information to help businesses pre-plan shipments when entering new markets or launching new products. The new feature allows users to input the product they are shipping and the exporting and importing countries or territories. This generates insights into the trade agreements and estimated landed costs, which encompass total costs from the factory to the customer’s door, including shipping fees, insurance, and customs duties and taxes.
Yung C. Ooi, Asia Pacific Senior Vice President for Commercial at DHL Express, highlighted the significance of this development: “Companies, including SMEs, are striving to enhance business resilience and global presence. However, the complexities of trade regulations often impede their expansion plans. The trade lane comparison feature empowers SMEs with crucial knowledge about customs requirements and landed costs, helping them overcome major trade barriers and engage confidently in cross-border trade.”
With this tool, businesses can identify the most advantageous import and export routes, leading to potential cost savings and increased profitability. Importers can determine where import licenses or permits are required, while exporters can understand the customs requirements for their products in the destination country or territory. This information is pivotal for defining go-to-market strategies and strategically positioning businesses in new markets.
Amidst a heightened focus on risk mitigation and resilience, companies can use this feature to diversify sourcing locations and tap into the rapidly growing Asian market. The latest DHL Global Connectedness Report indicates a rise in corporate globalization, with businesses investing in overseas markets and expanding their international footprint.
MyGTS is part of DHL’s Global Trade Services, which offers a suite of tools to help shippers navigate the increasingly complex customs regulations and requirements. In addition to the new trade lane comparison feature, MyGTS includes a pre-shipment planner tool that provides import/export requirement regulations and calculates landed costs.
