July 3, 2020

A company that uses a global trade management software system can reduce the costs, risks and delays associated with manual compliance and tracking efforts.

If your company imports or exports physical goods or digital products, or conducts global e-commerce, there is a strong chance that you will need some form of global trade management (GTM) system. Despite this being an essential requirement, companies of all sizes still try to manage their global trade and logistics manually, with employees having to resort to dealing with the arduous task of analyzing spreadsheets packed full of data.

Integration of national economies contributing to globalization has been one of the most important developments of the last century and led to tremendous growth in trade between countries. Exports today are more than 4,000-times larger than they were a century ago. New technologies in this modern age have made the world a more accessible place than ever before, drastically increasing complexity in international trade.

No one can predict what will happen after October 31st,  and with the situation remaining fluid the impact that upcoming UK sanctions will have on business remains unknown. This uncertainty has resulted in many organisations failing to prepare for the impending exit from the European Union and many are finding that they may not have systems in place or resources available in case of a “No Deal” scenario.

National Oilwell Vargo Inc. (NOV), a houston based drilling company, agreed to pay a criminal fine of $25 million to the Department of Justice (DOJ) under the Non-Prosecution Agreement entered with the U.S. Attorney’s Office for the Southern District of Texas. This was a result of a settlement reached with DOJ, DOC, OFAC for violating trade sanctions by selling and exporting goods to Iran, Cuba and Sudan starting from the year 2002 leading upto 2009.

BE AHEAD OF THE GAME   A quality restricted screening software program and plan makes your company proactive, rather than reactive. It prevents you from being caught unaware that you were dealing with a denied entity. When you know who you are doing business with, you can be confident that you won’t be blindsided by

n this year’s American Shipper research about Exporters the findings are in line with last year. Shippers’ primary export concern is the rising cost of compliance.

With Brexit and other global economic and political uncertainties, concerns among exporters in almost all industries are on the rise. The ongoing strength of the US Dollar continues to make it harder to export goods and services. The uncertainty of the presidential election adds additional stress to the situation for Exporters and Importers. About 40% of exporters believe the momentum from President Obama’s export program will carry over to the next president, while the majority believes Trans-Pacific Partnership (TPP) and other key Free Trade Agreements (FTAs) will be blocked.

Imagine you are getting audited and tasked to recall every decision you have made in the past 5 years. Happens every day to Exporters in the USA. Would you be able to do it? You better!

American Shipper discussed in its latest Export Benchmark Report the main concerns of Exporters. Not very surprising small & medium sized as well as large shippers have in common that the increase of costs of compliance are one of their main concerns. For large shippers this is equally concerning as the increased import enforcement at destinations and the delays at customs.

A recent study from American Shipper showed that 70% of manufacturers and 80% of retailers use automation for the Export compliance. Those numbers are steadily increasing in the past 7 years this study has been performed.