Global supply chain fluctuations combined with policy adjustments pose new challenges and opportunities for China's import freight forwarding industry

September 2023- With the accelerated restructuring of the international trade pattern, China's import freight forwarding industry is undergoing a new round of structural adjustment. According to the latest data from the General Administration of Customs, the total import value of China from January to August 2023 reached 12.7 trillion yuan, a year-on-year decrease of 0.6%. However, the import demand for consumer goods, bulk commodities, and high-tech equipment showed a clear differentiation trend, which promoted freight forwarding enterprises to accelerate their business transformation and upgrading.

Policy direction: Release of RCEP dividends and upgrading of green barriers

Since the full implementation of the Regional Comprehensive Economic Partnership (RCEP), the volume of agricultural products, rubber products, and other goods from ASEAN countries to China has increased by 23% year-on-year, driving demand for professional services such as cold chain logistics and customs compliance. At the same time, the trial operation of the EU Carbon Border Adjustment Mechanism (CBAM) in October is approaching, and some European suppliers are requesting Chinese importers to provide full chain carbon emission data, forcing freight forwarding companies to accelerate their digital capacity building. The head of a leading freight forwarding company in Shanghai revealed, "Some customers have requested us to provide blockchain based carbon footprint tracking reports, which poses a significant challenge to traditional operating models

Logistics changes: Panama Canal drought impacts global shipping

Affected by the historic drought, the daily throughput of the Panama Canal has been reduced to 32 ships, and the on-time rate of the Asia US East Coast route has fallen to 58%, pushing up container freight rates on the US route by 65% compared to the beginning of the year. China COSCO Shipping and other companies are diverting high value-added goods through the "Arctic route+China Europe freight train" multimodal transport plan. A certain automotive parts importer has reported that "although transportation costs have increased by 15%, the risk of production line shutdown has been avoided

Technological Breakthrough: AI Refactoring the Industry Ecology

According to a survey conducted by the China International Freight Forwarders Association, over 60% of enterprises have applied AI technology to scenarios such as customs clearance pre-approval and path optimization. Shenzhen freight forwarding company "Yun Ge Huo" recently launched an intelligent booking system, which uses machine learning to predict cabin supply and demand, shortening the booking response time to less than 2 hours. However, industry experts point out that small and medium-sized freight forwarding enterprises are limited by technological investment, and the digital divide may further widen.

Market outlook: Q4 may see a structural rebound

The latest forecast from the World Trade Organization (WTO) shows that the growth rate of global commodity trade volume will slow down to 1.7% in 2023, but import demand in sub sectors such as new energy vehicle parts and medical equipment will remain strong. International giants such as Deutsche Bahn and DHL are increasing their layout of China's bonded warehousing network. The rental rate of smart warehouses in Shenzhen Qianhai and Shanghai Lingang has reached 92%.

Industry insiders analyze that the import freight forwarding industry has entered a stage of "intensive cultivation", and enterprises with professional service capabilities, digital infrastructure, and green supply chain management capabilities will win a new round of development opportunities.