International trade is the lifeblood of the global economy. It is not only essential to the day-to-day operations of businesses, governments, and NGOs around the world, it also has the power to grow economies, increase productivity and transform the quality of life of citizens.

The value of international trade is steadily increasing, and the import-export industry has outgrown many of the challenges posed by the COVID-19 pandemic. The value of global trade stood at $7.7 billion in the first quarter of 2022, an increase of about $1 billion from the first quarter of 2021, according to UNCTAD’s Global Trade Update report.

For this positive trajectory to continue, the import-export sector must be able to mitigate any factors that could disrupt the stability of global supply chains. Advances in technology and automation processes have had a profoundly positive impact on the import/export industry in recent years.

Where documentation and classification, manual checks and risk assessment were once time-consuming processes, they are now simplified by automation. This new technology is helping governments make importing and exporting easy and efficient, but it is also a benefit to businesses.

Indeed, the industry is beginning to see the benefits of integrating Artificial Intelligence into the digitization of the business ecosystem. Beyond targeting and managing all areas of the import/export processes that once relied on human interaction, AI is able to apply local and geographic legislation in its processes.

This includes national requirements, but also regional and international agreements. AI can also react to dynamic changes, such as a country leaving a trade agreement, an increase in taxation on goods, or geopolitical unrest.

In such cases, the knowledge gained can help customs manage price increases or reroute goods through new channels. The AI development process is a dynamic activity that works continuously to provide all the resources needed to produce solutions.

This new technology is already powering commerce today and will undoubtedly continue to drive growth and efficiency in global value chains through the optimization and automation of existing operating models.