CHARLOTTE, N.C., April 18, 2018 (GLOBE NEWSWIRE) -- Integration Point, a leading provider of Global Trade Management (GTM) solutions, processed more than 130 million updates to regulatory trade data relating to 206 countries and territories in 2017. Those updates include HS numbers, rules of origin, restricted party lists, import/export controls, and more.
2018 promises an even greater transformation of the global trade landscape. Import tariffs are on the rise, as the industry has seen with the imposition of special Section 232 duties on certain steel and aluminum products and the proposed imposition of special Section 301 tariffs on $50 billion in Chinese goods. In this changing world of import tariffs, it’s more important than ever to understand the impact of these changes and protect the company’s bottom line.
Analytic solutions can help businesses discern high-level trends and achieve true visibility into their global operations. For example, through the use of advanced analytics, companies can anticipate the impact to their global duty spend when new tariffs are imposed. These tools can also assist in evaluating smarter, more strategic sourcing decisions.
“As we’ve seen recently, importers and exporters may have only weeks or even days to respond when new tariffs are imposed,” noted Virginia Thompson, Vice President of Product Management at Integration Point. “A company does not have time to pull together up-to-date reporting to understand the impact. Shippers need tools at their fingertips to review historical aggregated declaration data, analyze trade lane changes, and make smart decisions quickly.”
While evaluating sourcing options, many companies look to duty deferral programs to optimize savings. These programs exist worldwide – with foreign-trade zones in the United States, customs regimes in Europe, and processing trade regimes in China, among others. By incorporating duty deferral programs into the overall supply chain strategy, companies can optimize cash flow, reduce or eliminate duties, and expedite the movement of goods through customs.
With more tariff increases anticipated in the future, companies need the proper tools and strategy in place to safeguard their bottom line.
About Integration Point
Integration Point offers the most comprehensive suite of global trade management (GTM) products encompassing all industries, geographies, and trade programs. By delivering visibility and localized knowledge for 206 countries and territories on a single web-based platform, Integration Point enables companies to achieve global compliance while maximizing supply chain savings. Integration Point provides solutions for import/export management, product classification, free trade agreement qualification, export screening, drawback, foreign-trade zones, supply chain security, and post-entry validation. With 600+ team members across every major continent, Integration Point ensures clients combine local best practices with global standards when deploying a global trade management platform.
Contact Integration Point at www.IntegrationPoint.com.