With a strong desire to travel and learn, Daiana Leandro moved to the U.S. from Brazil in 2013 as part of a one-year exchange program. Her goal was to familiarize herself with the English language, to better position herself for future travel plans.

When she went back to Brazil, she decided to enroll in university and wanted to incorporate her newly developed English speaking skills into her formal education as well. This prompted her to pursue a bachelor’s degree in international trade.

“I wanted to use language as well because I felt very good about my English language skills and decided to look for a course that would accommodate that skill.”

Beginning her international trade career and meeting her mentor

After moving back to Brazil, Daiana had a few months gap before starting university. She applied for a trainee job in international trade and was hired at Takata, a Japanese auto parts manufacturer. This is where she met Mario, who hired her and would go on to become her mentor. It was with his support and guidance that she transitioned from a trainee to an assistant, and eventually an analyst, towards the end of her four year tenure at Takata.

“I feel that it’s important to have gratitude for the people that support you and actually contribute positively to our growth.”

Once she left Takata, Daiana went on to work for various trade companies. During this time she had the chance to work in customs clearance, logistics management, and import/export operations. This experience gave her deeper insights and more visibility of international business as a whole.

“I was working with more products, and we also worked with customs which are very different, especially in Brazil, because it’s a very protective country. You need to understand lots of legislation to do that, and that was very interesting for me to understand from the inside.”

Switching sides – moving from production to transportation

Next, Daiana began a new role as logistics coordinator with freight forwarding company JAS.  This new role placed her on the opposite side of transactions she was used to in her previous roles. Now working on the transportation side, she was able to use the insights she’d gained as the importer/exporter to understand her customers’ challenges with carriers which allowed her to  empathize and ultimately better serve them.

“I knew people have limited budgets and I would go over their invoices with them checking every line item that was charged and walking them through how it was charged and why.”

Working in freight also familiarized Daiana with the strict processes and rules that are followed and all the people involved in different stages of these processes. Always with a mind to the possibilities of working abroad, she was pleased to build her know-how in the world of transportation since it’s a knowledge area that transfers well internationally.

Moving to Canada and becoming a certified professional

After having experienced so many great adventures during her stay in the U.S., Daiana and her husband were inspired to look for opportunities to travel and work abroad after completing university. They considered several options for relocation with a particular eye to countries where they would be welcomed and find decent professional opportunities.

Want to learn more about the Certified International Trade Professional (CITP®|FIBP®) designation? See why it’s the world’s most recognized designation for competency and credibility in global business.

During her research, Daiana discovered the FITTskills courses being offered through Nova Scotia Community College’s Advanced Diploma program for International Business, and realized that it lined up with her previous education. She was also attracted to the program by the opportunity to go on to apply for the CITP designation that FITT offers, after earning the FITT Diploma.

“One of my professors used to say that it’s not fair that lawyers study law and can call themselves lawyers. Like people who study medicine and become doctors. And for those of us who study international trade, there’s still too little recognition for us as professionals.”

“I think that having a professional designation is important to back you up. To show that you’re committed to what you’re doing.”

Ulitmately, Daiana has proven exactly that. The hard work she has put into her learning, both on the job and through her education, has helped her become a validated, competent and committed international trade professional.

“The FITTskills courses enhanced my education in international logistics by expanding my understanding of international trade. It provides thorough training in 15 competency areas, creating numerous opportunities for entering the job market or starting an international business.”

She shares that her favorite FITTskills course in was the Feasibility of International Trade course as it helped her pull together all the knowledge and skills she had gained in the past few years through both education and work, to conduct international trade research.

Doubling down on customs specialization and plans for the future

Today, Daiana is putting her skills and knowledge to work as Customer Success Specialist at Ocean Sonics – a manufacturer of hydrophones (microphones used to listen under the water). They have a large clientele worldwide and across a range of industries. Daiana’s role focuses on serving clients on the export side of the business.

“Day to day I don’t only deal with exporting items out, but with returns as well. I work with return naturalization of products that are under warranty. If I ship something to Tasmania and it needs to return to Canada I help customers to return this unit. And I work with customers to provide the best and cheapest option to save money and avoid expensive unexpected costs so that customers pay what’s fair.”

Daiana wants to learn everything that she can about customs processes as she believes that this knowledge is crucial for any business that does international trade. It allows them to smoothly navigate customs and take advantage of whatever’s available. This is why she wants to build on her CITP designation and international business training and become a Certified Customs Specialist.

“I’m in contact with the Canada Broker Association to do another course that’s going to lead me to another designation to become a Certified Customs Specialist. Building an understanding of the whole process will help me bring a lot of value.”

Daiana credits the FITTskills courses she took for providing her with crucial knowledge and hands-on experience to further her international trade career. She has plenty of ambitions for the future and becoming a Certified Customs Specialist and delving into procurement to widen supply options for Ocean Sonics are just the start.

“Many aspire to work in international trade for the travel opportunities, but the reality is that the field encompasses much more. As international trade professionals, we drive global commerce. I truly love my career it is dynamic, exciting and fulfilling.”

Her key piece of advice to anyone starting out in international trade:

“I’ll rephrase something that Mario used to tell me since day one. We never know everything. So that’s the exciting part of the job.”

The post CITP Spotlight: Daiana Leandro – Customer Success Specialist, Ocean Sonics Ltd. appeared first on Trade Ready.

In a world that is constantly expanding and evolving, sustainability in every aspect of life is the way of the future. Governments and customers alike are increasing demands for more sustainable and ethical business practices.

The supply chain industry is one of the leaders in emissions and waste energy, but these challenges have brought with them a new wave of sustainable solutions.

Today there are more options for every company to take action and effectively reduce their supply chain footprint. The innovative, growing companies below are industry experts with actionable solutions to share.

Alt Tex

What they do

Alt Tex is a new company composed of entrepreneurs and scientists that have decided to change the way the fashion industry works. They have innovated a process that uses food waste to produce high-quality, sustainable textile products. Their synthetic material can help reduce wasteful practices in the fashion industry and has the potential to evolve into other industries as well.

Why it’s valuable

The fashion industry contributes an astounding 8-10% of the world’s GHG emissions and the production of polyester (used in over 60% of the clothing textiles and consuming 70 million barrels of oil per year) is a main culprit.

Alt Tex fabric is a ground-breaking innovation that will have long-lasting implications for the fashion industry as a whole and other branches of industry that use textiles, replacing high-waste polyester with their biodegradable textiles.

Whether your company holds a spot in the supply chain that will contribute to the development of these textiles or whether you will be using them to create your own sustainable products, you will be reducing your supply chain footprint and contributing to the health of the planet.

How to implement their solution

While Alt Tex is still in the process of commercializing their product, supply chain companies can still contribute to their mission and implement some planet-saving strategies into their practices.

Whether you would like to receive their innovative textiles to create your products, or you have food waste that you’d like to direct to them instead of to the landfill, the folks at Alt Tex will be happy to hear from you.

Evoco LTD.

What they do

Evoco LTD. Is a company that is replacing traditionally-sourced carbon with sustainable and regenerative plant-based carbon. They use trees and other plant matter to create biomass for ‘green’ carbon that is then used to create various bioplastics and other biodegradable materials commonly used in athletic products and footwear.

When these products are composted, they will contribute to the growth of more trees and plant matter to create a sustainable, renewable cycle.

Why it’s valuable

Evoco’s process eliminates the need for fossil fuel carbon, and this in turn maintains the balance of carbon in the atmosphere and lessens the rate at which climate change occurs. Using sustainable foams and other materials produced by Evoco LTD. will reduce your supply chain footprint and will allow you company to contribute to sustainable carbon extraction.

How to implement their solution

Replacing standard plastic and textile use with products from Evoco is the best way to contribute to their goal of creating a sustainable cycle for carbon extraction and development into various products. All of their products have a high percentage of plant-based carbon, and transitioning to those products will help your company find its way to more sustainable practices.

Genecis

What they do

Genecis is a company focusing on the science of plastic. They divert food waste from landfills, ferment those materials with special bacteria, and use the by-products of that fermentation to create biodegradable plastic.

This plastic degrades completely in 30 days in a compost environment, and if it does happen to escape to the ocean, it will degrade in only 1 year.

Why it’s valuable

Not only does diverting food waste reduce the rate at which landfills fill, but the biodegradable plastic created from that food waste will replace standard non-degradable plastics throughout the globe, reducing pollution and contributing to beneficial compost growth.

Using Genecis plastic in your supply chain will reduce your carbon footprint and divert even more materials from landfills.

How to implement their solution

If you’d like to reduce the environmental impact of your supply chain, Genecis plastic is the way to go.

There are three main ways you can work with Genecis to implement this plastic-reducing endeavor: use Genecis plastic to replace standard plastic use in your manufacturing processes, create new products with their bacteria, or license their technology to produce your own plastic within your facility.

BrainBox AI

What they do

BrainBox AI has developed what is essentially a brain for your HVAC system. Their AI technology integrates into your HVAC system in order to learn the heating and cooling patterns and how your building responds to external temperature and weather changes. Then, it will regulate each component of your system in order to maintain set temperatures and eliminate energy waste.

Why it’s valuable

HVAC systems are one of the most wasteful systems in a building, and they also draw a lot of power: up to 50% of a building’s energy consumption goes to the HVAC system, and as much as 35% of that energy can be wasted.

Using the BrainBox AI technology can lower your carbon footprint by 40% and HVAC operation costs by 25%. Plus, you’ll end up extending the life of your HVAC system and increase the comfort of your staff. Say hello to increased productivity and goodbye to unnecessary costs.

How to Implement the Strategies

If implementing this autonomous AI solution sounds like a good deal to you (and you’re right, it is), get in touch with BrainBox AI staff to discuss installation. It can be integrated into any building size and layout, so no matter where your facility sits in the supply chain, you can start saving energy and reducing your carbon footprint.

Extract Energy

What they do

Extract Energy has designed a heat engine that converts waste heat from industrial factories and power plants into electricity. This innovative technology is easy to install, manage, and scale as your production changes. The engine can be affixed to multiple waste heat streams in order to fit into any company’s manufacturing and/or processing facility.

Why it’s valuable

The Extract Energy heat engine can dramatically reduce the amount of waste heat your facility is releasing into the atmosphere. Eliminating emissions will reduce your supply chain footprint, and converting that heat into usable electric energy can reduce operation costs and improve efficiency.

How to implement their solution

If you’re interested in helping Extract Energy perfect their system, give them a call. They’ll assess whether your site is a good candidate for pilot installation of their heat engine units. If your site meets their criteria, congratulations! You can start reducing your carbon footprint immediately. If not, you can reach out again once they are ready for full-scale implementation across the industry.

Xos

What they do

Xos is a leader in battery-operated transportation vehicles. They make fleet vehicles in all sizes (Class 5 through Class 8) that run off of battery power alone, and they also supply companies with the power solutions for those vehicles and a highly intelligent management software to coordinate and monitor their fleet.

Why it’s valuable

A massive 95% of the world’s shipping energy still comes from fossil fuels, and as a result, the transportation industry accounts for around one fifth of the world’s carbon emissions.

Incorporating fully electric vehicles into supply chain transport fleets is valuable in three ways: it lowers operating costs, reduces downtime, and eliminates carbon emissions. Implementing transportation solutions like this is one of the fastest ways we can reduce our negative impact on the planet.

How to implement their solution

Initiating the changeover from gas-powered vehicles to electric is as easy as placing a call to Xos staff. One of their account executives will discuss your fleet and infrastructure needs to come up with a feasible implementation strategy to get your fleet operating with clean, sustainable energy as quickly as possible.

Norsepower

What they do

Norsepower is a second company tackling emissions in transportation, specifically shipping by sea. The company has designed an auxiliary wind propulsion system called Rotor Sail technology that is highly automated and reliable. They believe that bringing sail energy back into ocean transportation is the way to reduce and eventually eliminate carbon emissions from this transportation sector.

Why it’s valuable

More than 3% of global carbon emissions can be attributed to shipping vessels on water. This is equivalent to what the highest-emitting countries produce. Since the shipping industry is only accelerating, taking steps to counter these carbon emissions is vital.

The Rotor Sails designed by Norsepower can reduce consumption of fuel by as much as 20%, with an average between 5 and 10%.

How to implement their solution

Whether your supply chain incorporates passenger ships, cargo ships, tanker ships, or any other kind of ocean-going vessel, Rotor Sails can be the solution for reducing carbon emissions and fuel consumption.

The post 7 emerging cleantech suppliers that can help you create a more sustainable supply chain appeared first on Trade Ready.

Up until now, one obstacle standing in the way of more efficient transportation has been the state of traffic management. But, with recent technological advances in traffic data collection and management, information system specialists have managed to bring a new way of thinking about traffic management and global trade to the table.

The Innovations in Traffic Management

Although there are several solutions out there that combat the problems inherent in today’s traffic management systems, here are a few of the top, most promising innovations:

Making Use of Sensors

Before any traffic management innovation can take place, the precursor is generally installing sensors to monitor road conditions and traffic patterns. Traffic surveillance and monitoring are key to obtaining data unobtrusively, which experts can then use to expand upon existing traffic management systems.

These days, sensors come in a variety of shapes and sizes, from Bluetooth to loop detectors to even third-party data, like local weather forecasts and public holiday calendars. Sensors are also used to detect accidents on the road and record immediate conditions. Optical fibres are an example of new sensor technologies currently being tested before full-blown deployment.

Updated Traffic Lights

Since the 1920s, traffic lights have undergone relatively few upgrades. Many have recently begun to finally make the switch to LED bulbs, which are not only more environmentally friendly but also last longer. Because they fade rather than immediately burning out, they’re also simpler to replace before they start causing traffic issues.

LED lights can also be outfitted to square traffic lights, which are generally more visible and therefore present additional precautions when it comes to roadway safety.

Municipalities around the world are experimenting with countdown traffic lights, allowing drivers to better adjust their speeds and pedestrians theirs. Reducing driver doubt in the transition from green to red is essential to optimizing roadway safety. Some newer vehicles, like those manufactured by Audi, are even beginning to install in-car systems that communicate with infrastructure.

Smart Traffic Control

Once sensors are installed, smart traffic control becomes that much simpler. Roads detecting few cars can keep lights green, saving drivers fuel and time. Traffic lights and speed limits can therefore be adjusted accordingly (perhaps in partnership with smart vehicles) to maximize roadway efficiency and safety.

Although aided by cameras, sensors, and other technologies, for now, traffic management centers will play an important role in the implementation and wide-scale rollout of smart traffic control methodologies.

How These Innovations Could Improve Global Trade

The implications of these innovations create obvious time, fuel, and cost-saving advantages for those managing ground transportation supply chains. They also have far-reaching environmental benefits, potentially lowering carbon emissions through decreased driving and traffic times.

They also have implications for ground transportation risk mitigation strategies.

We’ve already seen the importance of risk mitigation within the shipping industry—especially with current COVID-19-related port congestion issues and delays and the past year’s Suez Canal Crisis—so, many businesses are also taking care to avoid costly lawsuits and PR disasters by mitigating product liability for ground transportation as well.

Safety concerns are becoming more palpable but also more measurable. Purchasing global insurance policies and investing in appropriate infrastructure is one way of handling liability concerns. Another is to invest time and energy in smarter vehicles and traffic management, reducing the risks involved with the respective parts of the supply chain.

Learn more about how to manage your company’s supply chain and reduce risks with the FITTskills Global Value Chain course.

The Intersection of Global Trade & Traffic Management

The more well-educated professionals who join the ranks of traffic management innovation, the faster the technologies will be able to progress and expand beyond their current reach. Information systems professionals entering top industries, ranging from air travel to manufacturing, are working to increase the efficiency of global trade alongside global traffic.

As a result, great strides have been made in the areas of real-time traffic feedback, Vehicle to Infrastructure (V2I) technology, and pedestrian tracking systems. Wyoming’s pilot V2I program communicates inclement weather conditions and road disruptions to drivers statewide, for instance. The positive impact of installing these systems in every freight vehicle is massive, not only potentially preventing devastating accidents and crises, but general delivery delays and traffic too.

The effects of these innovations in traffic management extend far beyond their initial scope. With wide-reaching economic to environmental impacts, traffic management is being used to address a myriad of issues, from lowering vehicular carbon emissions to increasing pedestrian safety to expediting the shipping processes of global trade. In addition to new practices that allow you to take control of your own supply chain and empower the planet, your import-export business and clientele are sure to benefit greatly from enhanced traffic management practices.

Did you know that the The International Chamber of Commerce Incoterms^® rules are used in contracts to clearly communicate the obligations, costs, and risks associated with the transportation and delivery of goods, providing clarity for sellers and buyers to help facilitate trade? Learn more with  The Incoterms^® 2020 online course, presented by FITT and the Canadian Chamber of Commerce (CCC) to fully understand how they work.

The post How Ground Traffic Management Innovations Could Improve Global Trade appeared first on Trade Ready.

The logistics, freight forwarding and transportation industry has some incredible conferences which help to educate, inspire, and connect people involved in the field. These conferences are a great way for industry members to network and develop key knowledge for success.

Here are some of the top conferences in North America for freight forwarders and logistics.

1. WERC National Conference

April 28-May 1, 2019 | Columbus, OH

The WERC (Warehousing Education and Resource Council) National Conference is a fantastic annual event for members of the logistics community to come and learn more about their trade. Because this conference is specific to warehousing, it is ideal for anyone in the logistics industry who is primarily involved with storage and warehousing.

A unique aspect of the WERC National Conference is its interactive simulation activities. These powerful learning tools are ideal for anyone aiming to gain practical knowledge in this area. Learning from experts in such a hands-on way can help you build on your skillset in this industry.

Finally, this conference also features facility tours and exclusive sessions with several companies. All present exciting opportunities to advance supply chain knowledge.

2. Gartner Supply Chain Executive Conference

May 13-16, 2019 | Phoenix, AZ

The Gartner Supply Chain Executive Conference is another wonderful annual event for members of the supply chain industry. Those in attendance will be treated to speeches, networking sessions, and workshops, like many of the other events.

However, this conference also has several unique components that separate it from others. For example, it features a ceremony called the “Gartner Top 25,” in which the top 25 organizations that embody supply chain excellence and innovations are honored with a special dinner. This is a great way to get to know the key movers and shakers in the field.

This event is geared toward innovation and advances in the supply chain industry. It even offers sessions with industry analysts, where you can learn the latest technology in the industry. It’s a great place to rub elbows with those at the cutting edge of the trade.

3. CTRF 53rd Annual Conference

May 26-29, 2019 | Vancouver, BC

This annual conference is a chance for freight forwarding professionals to meet and reflect on the history of the industry. It is also a chance to discuss current trends and developments in freight forwarding, and talk about the future of the industry.

This event is being held at the Pinnacle Harbourfront Hotel in Vancouver, from May 26-29, 2019. It is a great way to enjoy springtime, and learn more about the supply chain industry!

The Canadian Transport Research Forum holds this conference every year. It is known as one of the leading events for transportation professionals in Canada. There are many open forums which promote discussion and propose research ideas for freight forwarding. It is a great place to learn and network for those in the transportation industry.

4. 3PL and Supply Chain Summit

June 10-12, 2019 | Atlanta, GA

Based in Atlanta, the 2019 3PL and Supply Chain Summit is a key gathering for those in the logistics industry. Some important topics that this conference will focus on include e-commerce, high and low tech solutions, urban, suburban, and rural delivery, and keeping pace with the consumer.

The event will feature speeches and panels with CEOs and important members of the logistics business. Other new features include a special networking party, an exclusive blockchain workshop and an informative session focused on temperature-controlled logistics solutions.

The conference will be held at the Westin Peachtree Plaza, right in the heart of downtown Atlanta and within walking distance of many city landmarks. It’s always great when a conference offers the chance to do some sightseeing too!

5. Cargo Logistics Canada Expo and Conference

Exact date TBA, 2020 | Vancouver, BC

Billed as Canada’s largest supply chain event, this annual expo and conference helps connect cargo owners with cargo movers. It is the perfect event to make the right connections to advance your business or career in the supply chain industry.

This conference features targeted summit events, more than a hundred speakers and industry experts, and thousands of square feet of exhibit space. In the words of the organizers, “The entire supply chain will be under one roof!”

This is the seventh annual Cargo Logistics Canada Expo and Conference, and has taken place in Vancouver all but one year, when it was located in Montreal.

If you are in the supply chain industry in Canada and you are looking to either connect with cargo transporters, or people who have cargo that needs to be moved, this is the place to be. Just imagine the incredible business opportunities you’ll have as you meet countless professionals in the field. It is the perfect event to grow your business.

Did we miss an event that you think should be on the list? What events do you plan on attending this year?

The post Top 5 North American conferences you don’t want to miss if you are in freight forwarding and logistics appeared first on Trade Ready.

Born and raised in Mumbai, India, Dimple Gandhi’s path towards an international trade career started at a young age. Her father ran a logistics company for 25 years, and as she saw how much work he needed to do to keep his business going, she wanted to learn how to help him run and grow the business as well.

“I started understanding the business structure and day by day I was eager to learn more. After office hours, I used to ask several questions to my dad every day. I understood transportation is one of the most important factors in international trade, so I started focusing there, which helped me to better understand international trade as a whole and gain my own perspective.”

As she grew older, she decided to attend university to continue her education, learning more about international trade and its many requirements. Each summer during her program, she also worked as an intern at different manufacturing companies to gain further experience in accounting and then import/export management. As the daughter of a business owner, however, she faced significant challenges in dealing with her employers and co-workers.

“For three summers I worked for free, none of the companies paid me a single penny. My employers would tell me ‘you are here to learn’ or ‘you are the daughter of a businessman’, and my co-workers always saw me first and foremost as a ‘rich man’s daughter’. This was very frustrating. I was struggling to please everyone around me and sacrificing any break during the summer, but only hearing unwanted things from everyone around me.”

“I always wanted to be independent, and these three years of sacrifice and hard work changed my life and developed my self-confidence. I learned to always look on the bright side. There are 10,000 reasons to give up, so always eliminate all the excuses and replace those excuses with opportunities. Hard work pays off at right moment, so never give up.”

The balancing act of studying while working full-time

After completing her undergraduate degree, Dimple earned a full-time position at SRV Global Freight, a freight forwarding company, where her role was to negotiate contracts and pricing for ocean, rail and other importers. She also wanted to continue her studies, which led to a hectic 18 month period in her life.

“My goal was to enhance my knowledge and gain further insights into logistics and supply chain management, and to apply my theoretical knowledge in a practical environment. I enrolled for an 18 month diploma program where I worked Monday to Friday full time and then spent my weekends in school for more than 10 hours each day, which was difficult.”

“I still can’t believe I graduated from the program with an A, which was unbelievable. Balancing my study time and work time was important. I am grateful for my SRV Team, especially my Director, Mr. Rosario Dcruz, who supported and motivated me throughout my journey.”

After completing her diploma, she then set a new goal: to study abroad and continue her trade education. Moving to London, Ontario, Canada in 2017, she earned her diploma from Fanshawe College in international business management as well as the FITT Diploma in International Trade the following year.

“Moving abroad to achieve my goal was another achievement.”

The FITTskills courses helped me to sharpen and enhance my international trade knowledge. They have all the essential content and elements an individual should know before you enter any kind of market around the world.

I personally developed my research skills – there were so many aspects which I wasn’t aware of, and this training has all the minute things which are important for business.

Earning the CITP designation to open doors in the Canadian trade job market

By earning her FITT Diploma, Dimple fulfilled the educational requirements to apply for the Certified International Trade Professional (CITP) designation and applied for the designation shortly after.

“Within 20 months, I decided to pursue my diploma, complete all of my exams and successfully complete my work experience. I worked hard and enhanced my knowledge as much as I could, so I think of this designation as a kind of reward for my enthusiasm towards this field.”

Learning that she had officially become a CITP was one of the proudest moments of her career to date.

“This feeling cannot be expressed, it’s such a proud moment for me and my Parents. This designation has proven that my three years of struggle during my undergrad was worth it. Sacrificing my social life for two years while working and studying has given me this. I’m thankful to my parents for motivating me at each stage of my learning, and my “never give up attitude” paid off.”

As she works to establish her career in Canada, she says that the CITP designation will open doors and help her earn the kind of position she is seeking.

This will help me to reach my goal and give me an opportunity to enter the global trade job market. Companies will know they can rely on my skills, knowledge and experience.

With all of the tools she needs to succeed in hand, Dimple has a bright future ahead of her and is poised to help any number of international trade businesses grow and excel in global markets.

The post Dimple Gandhi, CITP|FIBP – Logistics Professional appeared first on Trade Ready.

The “buy local” movement has been around in some form since international trade and globalization began. But what about buying global? The buy local vs buy global debate is raising some questions on whether buying local is always best.

In Canada, a “Buy Canadian” movement began as early as 1914. This  when the First World War economy saw imported products as a threat for the first time.

In the U.S. the “Buy American Act” of 1933 required the U.S. government to prioritize American-made products in its procurement purchases.

Over the past few decades, the call to support local businesses by patronizing locally sourced and sold products over those that are imported and sold at corporate chains has gained momentum.

While there seem to be many benefits to supporting the neighbourhood “mom n’ pop”, is it best to buy local?

1. Buying local helps the local economy

Buy Local: In the Time Magazine article “Buying Local – How it Boosts the Economy”, evidence is presented on how keeping your purchases local will benefit that same economy:

“The New Economics Foundation, an independent economic think tank based in London, compared what happens when people buy produce at a supermarket vs. a local farmer’s market or community supported agriculture (CSA) program and found that twice the money stayed in the community when folks bought locally.”

“That means those purchases are twice as efficient in terms of keeping the local economy alive,” says author and NEF researcher David Boyle.”

Buy Global: The Wikipedia page for local purchasing presents an alternative argument, shedding a different light on the possible effects that prioritizing local products can have on the region’s economy:

“The argument that “buying local” is good for the economy is questioned by many economic theorists. They argue that transportation costs actually account for a fraction of overall production prices, and that choosing less efficient local products over more efficient nonlocal products is an economic deadweight loss.”

“Moreover, the community as a whole does not actually save money because consumers have to spend so much more on the more expensive local products. Karen Selick argues that the buying local trend is just a watered-down version of protectionism, and would not benefit communities as proponents envisage.”

In an article recently published on TradeReady.ca, Michelle Hustler, CITP|FIBP reminds us that buying global helps local businesses too:

“Let us be cognizant that importing products actually supports local services such as shipping, transportation and distribution.

2. Buying local helps build thriving communities

This is a multifaceted argument for supporting local businesses, which ranges from economic protection, to culture, to health and jobs. But there are two sides to this argument as well.

More money goes to non-profits

Buy Local: According to Sustainable Connections Org:

“Non-profit organizations receive 250% more from small business owners than they do from large businesses.”

Buy Global: According to a National Retail Federation study:

“Imports improve American families’ standard of living. They help families make ends meet by ensuring a wide selection of budget-friendly goods, like electronics we use to communicate and many clothes and shoes we wear, and improve the year-round supply of such staples as fresh fruits and vegetables.”

Import/export jobs in Canada and the U.S total in the millions.

Maintains economic diversity

Buy Local: The Institute for Local Self Reliance says:

“A multitude of small businesses, each selecting products based, not on a national sales plan, but on their own interests and the needs of their local customers, guarantees a much broader range of product choices.”

Buy Global: Limiting purchasing to locally available products means less access to globally sourced items. Such as items unavailable in the local region or inefficient, and at times detrimentally resource-intensive to produce and source.

Better jobs

Buy Local: Amy Robinson,  Founder and Co-Executive Directorof LOCO BC, an organization designed to promote local business, says:

“Much of this value created [by buy local programs] is in fostering good local jobs—the higher-paid management, sales and marketing positions that a local company creates right in its community.”

Buy Global: In his article “The Top Ten Reasons NOT to Buy Local”, Zachary Barowitz says:

“There is no reason to believe a local boss is any better than a corporate one, and due to the threat of class-action lawsuits, corporations have some incentive to behave. What’s more, national chains can more easily offer a better benefits package. Who has better salary/wages and benefits: Borders or Books Etc., Whole Foods or Paul’s Food Center, Starbucks or Coffee by Design?”

Better service

Buy Local: According to an article by Nicole Leinbach-Reyhle on Forbes.com:

“Small local businesses have a more hands-on role within the company, therefore building a stronger sense of care for the job they do. Additionally, smaller companies are more flexible in their customer support – with a willingness to bend rules if necessary (such as alter a return policy) or deliver VIP treatment when least expected (such as home delivery for a customer during a rain storm).”

Buy Global: Big global chains face a fair amount of regular criticism over their customer service performance. But there are a few things at play here: Big companies are more often in the public eye. Meaning you hear of a higher proportion of bad experiences than small businesses, which can distort appearances.

Also, big chains like Hertz, Westjet, Marriott, Apple and Amazon are taking full advantage of social media and big data. They’re doing this to build stronger connections and better experiences with their customers. In an era where customers have a louder voice than ever, it’s no wonder.

3. Buying local is better for the environment

Buy Local: David Suzuki focuses on the benefits of buying locally produced food on davidsuzuki.org:

“Currently, the average meal travels 1200 km from the farm to plate. Food that is grown closer to home will therefore have fewer transportation emissions associated with it, and also be fresher and support local farmers. And as the distance food travels decreases, so does the need for processing and refrigeration to reduce spoilage.”

Buy Global: In his New York Times article “Don’t Buy Local!”, Richard Coniff argues that:

“The ‘local’ label says little or nothing about a product’s actual environmental friendliness. A resident of Sacramento, for instance, can take comfort in buying ‘local’ rice, but it’s likely to be rice grown in a heavily irrigated desert, at huge environmental cost. In the overall carbon footprint of a product, the cost of transport turns out to be surprisingly trivial.”

4. Buying local is the ethical choice

Buy Local: Buying local is a form of ethical consumerism.

When you shell out a little extra to support your neighbour’s business, reduce your environmental impact, purchase fair trade products that don’t profit from unsafe or unfair working conditions, and promote diversity and the community, you are making a moral purchasing decision that you can be proud of and benefit from.

Buy Global: Todd Hirsh of The Globe and Mail asks readers to:

“Do to others what you would have them do to you. When the U.S. introduced “Buy America” policies in the midst of the last recession as a way of boosting its own domestic economy, Canadians were angry. Not only does it fly in the face of free-trade deals, it just doesn’t seem very neighbourly. And when cities and countries care only about keeping their dollars within their own economies, the benefits of global trade start to shrivel.

5. Buying local encourages innovation

Buy Local: According to Susan Witt, Executive Director of the E.F. Schumacher Society:

“‘Buy local’ campaigns serve another function: alerting a community about gaps in the local market. For instance, if consumers keep turning to on-line or big-box stores for a particular product—say, socks—this signals an opportunity for someone local to make and sell socks.”

This is the way product innovations get made, says Witt. “The local producer adds creative elements that make either the product or materials used more appropriate to the place.” For example, an area where sheep are raised might make lambs wool socks and other goods.

Buy Global: Competition breeds innovation. The drive to outperform our competitors leads us to develop better, more efficient, feature rich products that consumers demand.

As Michelle Hustler pointed out in her “3 Reasons you shouldn’t buy local” article:

“The premise was that high duty rates would push Barbadians to buy locally manufactured products and give companies in these areas a chance to grow unperturbed by competition. This didn’t happen. Instead, these sectors, in the absence of the helpful push of competition, became less and less internationally competitive, while the tastes and needs of consumers kept up with global trends.”

6. Buying local means better quality

Buy Local: A plethora of “buy local” proponents champion the quality of locally sourced and lovingly produced goods over imports and items made on assembly lines in mass quantities.

Particularly poignant are arguments from buy local produce initiatives who highlight the advantages. Such as a much shorter farm-to-table journey, ensuring freshness and quality.

Buy Global: Wikipedia on Local Purchasing:

“The term ‘Buy Local’ has become subject to varying interpretations. While leading advocates of local independent business such as the American Independent Business Alliance say the term should apply only to locally owned independent businesses, some campaigns run by governments and Chambers of Commerce consider “local” to be merely a geographic consideration. Additionally, many corporations have manipulated the term in ways critics call ‘local-washing’.”

Trish Tully, CITP|FIBP adds:

“Almost every locally made good produced or service offered would not exist without imported inputs.”

We’ll let the parting shots go to Todd Hirsh from his Globe and Mail article “Buy Local: nice idea but does it make sense?”

“The main problem with “buy local” movements or policies is that they require us to discriminate between businesses based on ill-defined criteria. That can lead to poor choices and a misallocation of resources in ways that can be economically damaging. Purchasing from a vendor deemed to be local may end up costing more, and there’s no certainty those dollars will remain in the local economy anyway.”

Do you make an effort to support local small businesses by “buying local?” Or do you prefer to shop based on other criteria such as price, availability, and quality no matter where the products are made or sold?

The post FACE OFF: Buy Local VS Buy Global appeared first on Trade Ready.

In essence, FCA takes the burden off of the seller to arrange the transportation and allows the buyer to:

(a) Keep transportation related costs out of the price of the goods

(b) Use their own preferred carriers and brokers

(c) Leverage consolidation opportunities

(d) Maintain care and control of the material from origin to destination.

The trade-off for these benefits for the buyer is, of course, more risk.

In a simple example, assume you are a Canadian buyer placing a purchase order with a seller in Europe.

Using the FCA Incoterm, the European seller must ensure the goods are ready and cleared for export. They will do this either directly, by taking care of all of the details themselves, or indirectly, by providing you with everything required to do so.

Normally this would include the standard information necessary to pass through customs, and is fairly straightforward for a simple direct Country A to Country B export of most goods.

Know who’s in charge when documentation gets more complicated

But what if the export requirements for the seller or the import requirements for the buyer are more complex? And what if the goods will be transiting through one or several other countries? This can quickly complicate the export from origin to final destination.

As your supply base expands into the global trade arena, sellers and buyers need to be acutely aware of how this may impact purchases under the FCA Incoterm.

With respect to the first question, both the seller and the buyer must either provide, or render assistance in obtaining any documents or information. This includes security related information and everything that each party needs for the successful export, import and transport of the goods.

In complex transactions, there is often a strong co-dependence between the importer and exporter for documents and information from beginning to end (i.e. export permits linked to import licenses).

Assistance provided by the seller is reimbursable by the buyer and vice versa. This requirement is contained in FCA sections A10 and B10, but is often misunderstood or overlooked.

As an example, in order for the European seller to obtain their export license, you, the Canadian buyer, may already have had to obtain an International Import Certificate from Global Affairs Canada.

Don’t let multi-country transit slow your goods down

With respect to the second question, when the transport of the goods involves transiting one or several other countries, reference sections A10 and B10 (“transport through any country”). These sections are vague on exact responsibilities, but imply the majority of the burden would be on the seller.

In practice, this will really depend on what the requirements and regulations of the transited countries are, and which party is either bound or in the best position to fulfill them (i.e. language barriers, time zones).

Again, assistance provided by either party is reimbursable.

Shipping goods through other counties may require additional authorizations from foreign government departments, as determined by trade agreements and international conventions for the commodities being shipped. This can take up to 6-10 weeks to secure prior to shipping, depending on the circumstances.

Other considerations may include the mode required and specific carrier, depending on the value, controlled status, classification and dimensions of the freight.

As examples, certain air or ocean carriers will not accept military cargo. If your cargo is out of gauge and the typical passenger or commercial carrier cannot accept it, the default would be a freighter. This can be a challenge, as most freighters transit the U.S. before coming to Canada.

The U.S. controls what is allowed to transit through their country. If goods are considered controlled by the Department of State or Department of Commerce, U.S. Customs could seize your material if you fail to provide the right documentation.

Getting through government authorities is going to take some teamwork

Authorities in the countries being transited often require complete disclosure of the full transaction between the buyer and the seller. This would include all documents, such as end user certificates, in determining whether or not they will grant permission.

For example, if you are shipping  material from northern European countries and need to transit Germany for the required flights to Canada, you will require transit permits from the German Authorities if the material is considered restricted. For example weapons of war, medicinal products, textiles etc.

It is therefore very important for both the buyer and seller to work together, and with their respective transportation departments and/or freight forwarder.

This should be done well in advance, in order to identify any transshipment requirements, ensure they will be able to get any supporting documentation they may need from each other, and understand what each will do.

It is equally important to start this dialogue as early as possible, so that there is adequate time to understand and execute each country’s requirements to support the contractual delivery schedules.

One way to provide transparency and accountability is to maintain an action item log containing points of contact, target dates, and tasks assigned to individuals. This living document should be provided with shared access to all accountable parties.

Failure to know and understand the exact route, country by country, port by port, that an international shipment will take can lead to delays, additional costs, compliance violations and potential contractual default.

Taking the time to properly prepare under the FCA Incoterm will save you these unpleasant repercussions. And we all know in international commerce, there are always enough surprises.

Do you have much experience using the FCA Incoterm? How could using it present opportunities or challenges to your business?

The post Do your homework if you plan on using the FCA Incoterm appeared first on Trade Ready.

Supply chains are becoming increasingly integrated and more intelligent.

Collaboration, knowledge sharing and learning are at the center of intelligent supply chain management.

New software and technology developments support end to end supply chain collaborative processes.

Innovative data management platforms allow global organizations and their suppliers to set common goals that incorporate key indicators for mutual improvement.

The availability of open source non-relational databases empowers companies to make real time decisions taking advantage of the 3 V’s of supply chain data: veracity, velocity and volume.

Suppliers and customers are more geographically dispersed than ever. Manufacturing trends are shifting as labor costs increase in East Asia, and omni-channel sales are creating diverse challenges for end retailers and logistics partners.

To maintain competitive advantage, lower supply chain costs, and enhance customer experience, global organizations must use technology and data analytics wisely.

Due to vast supply chain networks, and various new ways of reaching end consumers, large amounts of data are now available creating new challenges. It is not the use of big data that leads to better decision making in the supply chain management, but rather the use of this data in a smart way.

To build intelligent supply chains, global organizations must focus on the following data management techniques:

1. Start with the End in Mind

A solid data management strategy for global supply chains starts with the end goals in mind.

Big data refers to massive amounts of information that oftentimes come from structured and unstructured sources outside of standard enterprise management. Harnessing large volumes of data is a tough challenge for large and small enterprises alike, especially when less than 40% of US small and medium sized businesses utilize a fully integrated enterprise management system.

All organizations leave untapped knowledge in their internal and external data; the key is to identify where improvements are needed and the specific indicators that can help.

More data does not equate to better performance; it is the use of this data that leads to success.

Organizations must engage their suppliers, understand common goals to create a data strategy that empowers all actors to make mutually beneficial decisions and enjoy the paybacks.

A quick look at the grocery and supermarket industry points to various disruptions that players in the market must anticipate and manage proactively.

According to research from IBISWorld, “the U.S. imports more than half of the fruit and nuts sold in the grocery stores,” leaving these supply chains open to a variety of upstream risks. To maintain competitive advantage, supermarkets gather point of sale (POS) data, used in forecasting projections and inventory management.

Rarely is this data shared with upstream suppliers and logistics providers so all members of the network are prepared for action.

Furthermore, actors at the bottom of the value chain, such as small holder farmers and cooperatives, do not push information downstream to help retailers prepare for supply chain disruptions such as environmental damage or crop destruction.

This creates reactive supply chains, where partners are not prepared and the cost is passed down to end consumers. A better scenario would be to gather information from across the value chain, and in the case of foreseen disruptions find alternative suppliers that can temporarily fill the demands.

This knowledge is power.

2. Structure, Analyze and Share Findings Intelligently

Supply chain networks must be structured and governed for global competitive advantage.

Companies must be able to determine their readiness to compete and the right partners that can help them reach their growth goals.

Data platforms and predictive analytics empower company leaders and their network to visualize pains, waste and streamline processes. Visibility is a crucial operational capability in international trade.

When embarking on a supply chain optimization project, success requires a clear understanding of where the wastes and redundancies lie. The consumer packaged goods (CPG) sector in North America spends accounts for 7% of revenues on logistics management, yet logistics data is rarely considered during sales and operations planning process (S&OP).

This leaves organizations unprepared for variable logistics costs.

Companies that consider logistics in their initial S&OP conversations are better able to forecast their transportation requirements. This also strengthens the shipper-carrier relationship.

Carriers should be made aware of expected demand, cost pressures, time constraints and network expectations for delivery optimization.

Visibility established at the purchase order and sales order levels that tracks information through a dedicated transportation management system (TMS) helps optimize shipments, realize the total spend to distribute product to each customer and opportunities for cost reduction.

A first step to ensuring that shipments are tendered properly, routes properly optimized and delays communicated to end consumers in real time, is to collaborate with a trusted logistics partner that allows network visibility .

These efforts lead to improved business intelligence, cost cutting in transportation network and better customer interactions.

3. Create a Collaborative Learning Environment with the Right Technology

Too many global companies manage information manually.

This leads to entry errors, incomplete data and skewed analytics creating challenges with supply chain visibility and hindering business growth.

Data management can be overwhelming without the right partners. For example, retail stores are very good at collecting consumer information and forecasting sales, but they lack the ability to gather and analyze information from transportation networks.

Working with upstream and downstream suppliers on a collaborative knowledge-sharing platform can help streamline information exchange, provide real time information and reduce overall risk within the network.

This is especially important when collaborating with international shippers and freight forwarders. It is their responsibility to understand the variabilities in transportation information, ranging from container sensors, GPS or other tracking devices, and translate the information into metrics for their customers.

Through best of breed data exchange protocols, they can share this information with retail partners and update PO/ SO and SKU level data on a real-time basis. This can only be achieved if all members of the supply chain network are aligned along the same goals and understand the pains of other partners.

Data analytics does not require large amounts of data to be processed by one organization, in fact this is cumbersome, costly and not aligned with the core competence of most companies.

Service organizations are strengthening their analytics and supply chain visibility capabilities to support manufacturing, wholesale and retail partners in creating intelligent supply chains.

Information must flow through collaborative platforms upstream and downstream so all parties visualize risks, potential disruptions and can proactively engage in offering solutions.

As supply chains grow on a global scale, organizations will have to put more trust in their network partners and build value through long term relationships.

How are you using the data you’re collecting to improve your company’s supply chain performance?

The post Build an intelligent supply chain by putting big data to work appeared first on Trade Ready.

No doubt, based on your own experiences and area of specialty, you’ll have strong feelings on the subject.

But if you sit and think about it for a minute or two, is there one aspect that you would elevate above all others, or it is too hard to choose?

There are strong arguments for many aspects of importing and exporting, with each presenting many valid points. However, even when you set them all side by side, it seems almost impossible to narrow down the list.

Over the course of our International Trade Competency Standards (ICS) Project, we had many international trade experts share their wisdom and knowledge on their particular area of specialization.

Through discussion and debate, document reviews, surveys and webinars, they’ve had opportunities to talk about what they think is important in international trade, and why.

As a result, we’ve been able to gain significant insights into this question, and see what international trade professionals like you think is most important in their work.

While we can’t name all of them, here are seven areas that generated particularly high amounts of interest, discussion and debate. Will your top choice be on the list?

1. Conducting a meticulous situational analysis before you go global

Initiating business in another country is not something to be done lightly. It requires a lot of preparation, research and strategic re-orientation.

Deborah Youden, CITP, an Export Consultant with the Newfoundland and Labrador Organization of Women Entrepreneurs, stated,

“We want to ensure that companies who look at international markets are ready to do so, or understand and identify what needs to be done and how they can do it before they launch globally.”

It’s significant because until you examine all aspects of a business and are aware of investments needed from the company, you could be putting the company in jeopardy.

Finding the right pairing of business and market involves taking a look at both halves of the equation. If your business isn’t prepared for expansion, entering a new market could overstretch resources, cause major supply chain disruptions or leave employees overworked, among other issues.

On the other hand, businesses need to know whether there is a demand for their products or services in a new market, and whether they are legally able to do business there without overcoming significant obstacles.

Deborah says that having consistency and standards for the process, as defined by the ICS project, will be a great benefit for any company looking to go international.

2. Impeccable analysis and mitigation of all types of trade risks

There’s always a lot of risk in any element of international trade. If you don’t know what they are ahead of time, and plan for them, your business could be in big trouble.

Currency exchanges, political instability, intellectual property rights, cultural differences, economic issues – the list of risks seems to never end.

That being said, risk shouldn’t stop you from doing business internationally. When properly managed, it is simply one aspect of many incredible opportunities.

The key is to identify those risks, create backups and margins of risk, and keep both the best and worst case scenarios in mind as you broaden your international horizons.

3. Managing financing and payment for trade transactions with confidence

While the payment methods and processes of international trade are very important, there are a lot of steps that companies need to take before it occurs.

Getting financing and credit before the transaction takes place is a crucial component of any deal, as most companies do not have the liquid assets to pay to purchase international products or services out of pocket.

Having a firm sense of the skills needed to acquire that financing, secure insurance on trade deals, and negotiate the details of payment will eliminate confusion, and streamline the process.

Once companies are on the same page as to how the entire financial process occurs, negotiating the best deal can then take centre stage for your company and its business interests.

4. Master research and planning to effectively manufacture goods for export

It’s one thing to produce a product for export; producing one that meets customer demands, operates exactly as expected and is packaged to meet specifications is quite another.

Before the manufacturing process starts, companies must conduct market research to make sure that the proposed product meets market expectations and consumer demands.

Once the product comes off of the assembly line, it also needs to be tested for quality and safety assurance, and then packaged and labelled in such a way that all of its features and uses will be clear to consumers.

With such a diverse skill-set required, it’s no wonder that manufacturing has become one of the most dynamic and in-demand career paths in international trade.

5. Handling the many variables involved in the international transportation of goods

In transport, the number of variables a company has to manage are simply staggering. As Audrey Ross, CITP, Logistics and Customs Specialist for Orchard International Inc. lists:

Costs are dependent on location of pick up,   port of departure, port of destination, destination of final delivery, INCOterm contract, mode of transport, type and size of product, customs cleared or in bond for customs deferral, and remote or popular location or destination.

“Timing is also dependent on location, destination, mode of transport, type and size of product, etc.”

While it can be difficult to standardize the differences in transporting all kinds of goods, Audrey says companies can agree on the variables involved, the differences between domestic and international transportation strategies, and the types of hiring and training needed for the staff involved, among other topics.

6. Implementing effective international sales and marketing plans

As Melanie Abdel-Malak, Director, Foreign Market Development for Quebec International reminds us, “You can have a great plan, know all the customs rules and comply with all regulations, but if at the end you don’t sell anything, your project is a fail!”

She also, however, identifies that the sales process poses significant challenges to SMEs newly entering international trade because of the many skills and processes needed to ensure success.

“There is an array of aspects that one must take into considerations before getting into international sales. The main problem is that, especially for SMEs, the concentration will be more in developing the sales network rather than planning, analyzing and getting feedback.”

At the end of the day, you do not only need sales but also profits, which means there is more to sales then just selling.

With this in mind, she added that standardizing the skills needed for sales allows even experienced professionals to assess their own abilities, and gain training to fill in any competencies they may need to address.

7. Recruiting the best talent for the job

Time and time again, we hear that having the right people in the right roles can make all the difference in global trade. But how can you make sure you get the right people in place, and manage your staff across international borders?

It starts with establishing HR, recruitment and training strategies. From there, companies need to decide on key issues like compensations, benefits and performance reviews, as well as developing guidelines to send domestic employees overseas and bring them back afterwards.

Though HR professionals in global trade companies might have differing opinions as to what the best way to do each of these would be, it’s important to make sure each step is covered in the way that works best for your company’s needs.

Did any entries on this list surprise you? Is there one you would add on, or want to take off?

The post The top 7 most important skills that global trade professionals need to master according to industry experts appeared first on Trade Ready.

The United States stands to benefit in trade from the growth of Asian economies such as Vietnam and Korea, British bank HSBC said in a report in late May.

The report forecasts trade relationships, as well as exports and imports, up to the year 2030.

U.S. trade is expected to benefit strongly from an uptick in growth in China, Vietnam, India, and other countries in Asia. As these countries grow, demand for specific products – which include industrial machinery and transport equipment – are expected to increase.

U.S. exports shift focus to Asia

The bank predicts the U.S. dollar will continue to be strong in the near term.

This hurts the U.S.’ short-term trade balance, as it means that American products will continue to be more expensive.

However, HSBC expects the U.S. dollar to become weaker due to the country’s mounting trade and fiscal deficits, which should make American products more competitive for growing and established economies alike.

The rosy outlook for U.S. exports among developing economies is a shift from the U.S.’ traditional trade focus; previously, U.S. exports targeted developed economies, such as those in the European Union and Japan.

Industrial machinery and transportation equipment is expected to remain the U.S.’ top export, and is slated to form 40% of all American exports by 2030. Petroleum products, scientific devices, chemicals and goods in the information and communication technologies – which includes computers – are also expected to play significant roles in future U.S. exports.

Increasing demand for U.S. products in growing Asian markets

Canada will remain the top destination for U.S. exports, the bank predicts, despite lagging growth due to lower oil prices.

But the largest growing markets for American products will be China, Vietnam, Malaysia and India, with each of these countries’ demands for U.S. products growing by a projected 9% per year.

Korea will also see an increase in demand for U.S. products, as will Mexico and Brazil, as these are among the global economies which are growing most rapidly, HSBC noted.

American exports of electronics are expected to grow by 9% per year between 2015 and 2030, thanks to growing demand for the products worldwide, as well as increased investment in the high-tech sector in the U.S.

However, though U.S. imports of electronics are expected to grow at a slightly lower rate – 8% in that period – the increased size of the imported electronic goods will mean that the U.S. will still have a trade deficit in this sector.

As for U.S. imports, the focus will be on industrial machinery, transportation equipment and information and communications technology-related goods, which are expected to comprise up to 50% of all imported goods until 2030. Accounting for another 15% of total import growth will be petroleum products and clothing.

China and Vietnam expected to be the fastest growing exporters to the U.S.

Radical changes in top exporters to the U.S. are not expected; China and Canada are expected to vie for the top spot until 2030, with China leading Asian economies for U.S. imports.

China and Vietnam are anticipated to be the fastest growing exporters to the U.S., with rates of 9% each year.

India’s exports to the U.S. are expected to grow by 8% each year, while exports from Mexico are anticipated to increase by 7% each year. Within the top five exporters to the U.S., India is expected to overtake Germany for fifth place by 2030.

The U.S. at present is a largely closed economy, the bank acknowledges. But there are several steps that the country can take to be more open to trade.

These include continuing to develop a high-skilled labor force, promote research and development, and continue negotiating new trade agreements, such as the Trans Pacific Partnership and other regional and bilateral trade agreements.

Do you agree with the projected forecasts? Will deals like the TPP come through and improve the U.S. economy?

The post Report predicts major boom in U.S. trade from growing Asian economies appeared first on Trade Ready.