The introduction of physical customs checks following Brexit would be a catastrophe for British ports and shipping and would likely reduce the volume of trade, the head of the sector's UK industry body said.
Analyst Insight: International e-commerce, also known as cross-border e-commerce, is growing at a rapid rate, but is faced with a number of challenges such as currency, delivery times, customs and returns. As a result, logistics providers such as FedEx, UPS and Pitney Bowes have acquired niche players to expand international e-commerce capabilities. Combined with these niche players, logistics providers are utilizing global gateways to reduce costs and delivery times. - Melissa Runge, vice president of analytical solutions, Spend Management
Now that the U.K. has formally handed in its request to leave the EU, the Port of Dover is concerned that the imposition of customs checks could have a disastrous effect on its business.
U.S. seaports are joining forces, setting aside decades of regional competition over cargo as a wave of consolidation in the shipping industry threatens to cut some cities out of global trade routes.
The American Association of Port Authorities (AAPA) has voiced its concern over the potential of significant declines for most federally funded, port-related programs in President Donald Trump's fiscal 2018 budget.
China's exporting slowdown weighed heavily on U.S. seaborne trade last month, dragging down inbound volumes at major gateways from Southern California to Virginia.