Dublin, March 14, 2024 (GLOBE NEWSWIRE) -- The "United States Customs Brokerage - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029" report has been added to ResearchAndMarkets.com's offering.
The United States Customs Brokerage Market size is estimated at USD 5.17 billion in 2024, and is expected to reach USD 6.59 billion by 2029, growing at a CAGR of 4.95% during the forecast period (2024-2029).
Key Highlights
- The Market for customs brokerage in United States has been growing steadily and the growth is expected to continue through the forecast period. The number of entries processed by US Customs and Border Protection (CBP) has been increasing steadily with increasing imports.
- In 2019, USD 2.7 trillion of imports were processed, equating to 35.5 million entries and more than 28.7 million imported cargo containers at the US ports of entry.
- The continuously changing trade environment and increasing complexity of compliance are driving the demand for customs brokerage services, especially with section 301.
- The US CBP has collected approximately USD 80.7 billion in duties, taxes, and other fees in 2019, which includes USD 71.9 billion in duties. The total duties collected in 2019 has increased by more than 70% when compared to 2018.
- The market for customs brokerage is highly competitive with large number of brokers operating, especially along the borders. However, the major players account for significant market share.
- The companies providing customs brokerage services are investing in research and development activities to gain competitive edge in the market. As the demand for streamlined and more effective customs clearance process in short turnaround times is growing, R&D spending is expected to increase through the forecast period.
- The logistics players across the world, including customs brokers are exploring the application of blockchain technology. For instance, Blockchain In Transport Alliance (BiTA) is an alliance formed by logistics and other players to drive the adoption of blockchain.
- In Mar 2019, Livingston announced its membership in the Blockchain in Transport Alliance (BiTA). The membership allows the company to provide input into an evolving set of industry standards for rapidly developing blockchain technology that will serve as the core of digitized business transactions in the world of international freight.
A selection of companies mentioned in this report includes
- United Parcel Service Inc.
- FedEx Corporation
- Deutsche Post DHL group
- Expeditors International
- Livingston International
- A.N. Deringer
- C.H. Robinson
- Carmichael International
- Charter Brokerage LLC
- CH Powell Company*
For more information about this report visit https://www.researchandmarkets.com/r/5iniv6
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