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With increases in fuel prices and slowing global economy, the international freight industry faces new challenges.
So what are the trends we see in the market of international transport of goods and how they affect the customer?
The global shipments totaled 116.8 billion euros in 2007, an increase of almost 11%.
This was the lowest level of growth recorded by the international freight market for four years. The slowdown was mainly caused by the impact of the weak economy in the U.S. freight market, but the European economy, signs of distress, the growth of freight transport is expected to slow further this year and next.
The credit crisis has had a great impact on Chinese imports into the U.S., a freight market, previously flying high. Despite this decline in freight was a little compensated with an increase in U.S. exports caused by the weakness of the dollar, companies are now thinking about the best way to weather market storms ahead.
The good news is that they are well read, transportation companies are in a better position than some of the shippers are in recession and one of the strongest positions in the freight sector. Thus, the freight forwarding company that customers can expect more innovation in the field of international freight to see in the next year or two.
International freight customers can expect some big changes on the horizon to see.
Can we expect the migration of a portion of the air for the cheapest option of transport by sea to see, as many customers decide to save this way.
This may be associated with a lower growth of the ‘Express’ market of international carriage of goods, as some customers choose the speed of freight a compromise to reduce costs.
There are also likely to more mergers and consolidations between companies international freight companies try to increase profitability by building economies of scale to be seen.
Inevitably, some transport to the wall as weaker market conditions difficult to define winners and losers in the market for international freight. But much the company will become even stronger as they continue to innovate to meet the challenges of market requirements.
Some question marks hang over the import market in China, labor costs in China spiral and become more expensive as a producer. For example, Asda has said recently that a part of their offer to move to Vietnam because the benefits of Chinese imports to erode the effort and the costs of suppliers, supermarkets and more are expected to follow. However, despite this, the Chinese import and trade with Asia continue rising star of international freight market and profits from Asia will help the freight companies to invest in new services to customers.
Increased competition among companies is likely to lead to the development of new products, such as agents add on value added services to differentiate themselves from the company on the road.
There is also likely that an increasing focus on improving customer service.
What’s more, the freight industry to see more use of IT to automate processes and reduce costs. This will be good news for customers because it means more transparency in international freight. Increased use of technology improves communication between companies, customers and the beneficiaries, a better service all round. Integrated IT will also be used to a customer the choice of international freight to strengthen – for example between ‘green’ options for the provision of transport options as an alternative to the goods faster.
Finally, the navigation capabilities that reason than to find cheaper freight shippers, with the customer to back the eventual winner, as competition in the international freight market hots for next year.