- My Global Trade Services (MyGTS) is an online self-serve platform that simplifies the search for customs-relevant Harmonized Systems Codes
- Reliable calculations of the estimated landed cost for international shipping create transparency and strengthen trust among customers and consumers
- A new feature has been recently added to enable shippers to compare and analyze trade lanes
- Companies can procure materials in a cost-efficient manner or gain access to new markets with a competitive advantage
DHL Express, the world’s leading international express service provider, has improved its AI-powered platform, “My Global Trade Services” (MyGTS), simplifying international shipping for customers, and speeding up the processing of cross-border shipments. Users can learn about customs formalities and estimated landed cost and understand the official regulatory requirements before shipping.
A new feature has also been recently added to enable businesses of all sizes to find references to existing trade lane regulations and requirements between the exporting and importing country or territory. With this, companies planning a market expansion strategy can leverage the solution to make well-informed decisions to maximize efficiency and gain competitive advantage.
MyGTS is an online self-serve portal that helps users easily retrieve customs information to pre-plan shipments as they access new markets or launch new products. It uses artificial intelligence and machine learning to provide an overview of the trade agreements in place and estimated duties/taxes which are included in the landed cost of the different trade routes. Landed costs are the total cost of getting a product from the factory to a customer’s door. Besides shipping fees and insurance, it includes estimated customs duties and taxes for cross-border shipments.
On the platform, users will simply need to indicate the product they are shipping and the desired exporting and importing country or territory. This is especially useful to small and medium enterprises (SMEs), often challenged by a lack of internal resources, knowledge, and expertise to navigate a complex landscape of customs regulations and procedures.
“Companies including SMEs are doing what they can to boost business resilience and global presence. However, SMEs tend to be impeded by the intricacies of trade regulations and processes, slowing down their expansion plans,” said Herbert Vongpusanachai, Managing Director, DHL Express Thailand and Head of Indochina. “The new trade lane comparison capability helps SMEs enhance the understanding about customs requirements and landed cost. It aligns with our commitment to providing innovative solutions to help SMEs lower major trade barriers and become more confident in cross-border trade activities.”
User-friendly support for customs clearance
DHL Express customers can use the MyGTS platform to find the Harmonized System (HS) codes required for shipping their items using keywords or the code directory. The platform uses artificial intelligence and machine learning to provide customers with the correct codes, making customs clearance faster and more accurate and minimizing delays. It also helps customers avoid surprises such as additional customs duties or taxes.
Moreover, clarity about estimated duties and taxes on the e-commerce website enables traders to adjust their pricing strategy if necessary and offer competitively priced products to customers.
Information on trade lane comparisons
This newly added feature enables businesses to analyze and identify routes that offer the most favorable import and export conditions, leading to potential cost savings and increased profitability. When sourcing or procuring materials from different factories or vendors, importers can identify references of where import licenses or permits are required for entry. On the other hand, exporters will be informed about the import customs requirements for the products that they want to ship to the destination country or territory. This valuable insight helps businesses to define their go-to-market strategy, strategically positioning themselves in new markets.
Desire for market penetration
With a heightened focus on risk mitigation and resilience, companies can leverage this feature to reduce reliance on single-sourcing locations. Moreover, businesses can tap into the burgeoning Asia market, which presents immense market opportunities fueled by many manufacturing powerhouses and emerging consumer markets. The latest DHL Global Connectedness Report shows that corporate globalization is rising, as companies invest in overseas markets, and expand their international presence.
MyGTS is part of DHL’s Global Trade Services, which contains a suite of capabilities that help shippers easily navigate the increasingly complex customs regulations and requirements. Besides the new trade lane comparison feature, MyGTS also includes a pre-shipment planner tool that helps businesses know the import/export requirements regulations and calculate landed costs.