Global trade transactions account for trillions upon trillions of dollars each year, and this number is expanding as we forge into the future. Additionally, it is becoming more complex to manage US and international regulations.
Yet, despite these factors, compliance departments remain woefully underfunded and understaffed. According to our export compliance research,14.6% of compliance professionals believe that their company’s executive management is not aware of trade compliance.
How do you get executive level cooperation and sponsorship of your initiatives?
In November, BBC’s Box finished its year-long global journey and landed back in London with some new facts about its round-the-world journey, which I found to be a great illustration of the challenges we all face in our global supply chains. For example:
The GPS satellite tracking on the container has been intermittent and for periods of the year, we have had to manually track the position of the Box, though not nearly as frequently as we would have liked.
Additionally, the box sat vacant for several weeks after suffering from effects from the global recession. The company that transported the box, NYK, lost $350 million dollars and 8,000 jobs.
Now, the box will be headed on one last trip: To Capetown, South Africa to be converted into a soup kitchen for schoolchildren and AIDS sufferers.
Our project partners NYK have generously agreed to donate the container for charitable use and they will transport it to Africa where it will be refitted as a permanent soup kitchen for some of those people who have been worst affected by the global recession.
Bloomberg News is reporting that the US trade deficit has widened by 16% in July. Imports gained a record 4.7%.
The gap between imports and exports grew 16 percent, the most in more than a decade, to $32 billion from a revised $27.5 billion in June that was larger than previously estimated, the Commerce Department said today in Washington. In another sign the U.S. slump may be ending, a Labor Department report showed jobless claims last week fell to the lowest level since July.
The gain in imports signals a strengthening economy, as businesses replenished stockpiles of goods in anticipation of rising consumer demand. Additionally, imports increased due to a rise in crude oil costs and increased demand for cars and car parts after the “Cash for Clunkers” program.
Complete details on both import and export rates are available at Bloomberg News.
This blog is created and maintained by Amber Road. We report on current issues, news and events associated with global trade management. The authors of this blog are not trade attorneys and in no way should any posting be construed as compliance advice; furthermore, the authors are not responsible for any comments posted by others.