In 2020, Mexico became the leading trade partner for the United States for the first time in history. While the trading relationship between the U.S. and Mexico has always been fruitful, the recent increase in trade growth is impressive, with Mexico surpassing China and Canada to occupy the top trading spot.
Supply Chain News
Importers, you will want to be aware of the new aluminum license requirements going into effect on June 28th, 2021.
Most consumers are unaware of the incredible logistics that go into moving high-value freight by truck across this country. They shop at places like the Apple Store and purchase gasoline at the pump, but they rarely stop to wonder about the infrastructure that makes these modern miracles possible. For instance, when shipping electronics and computer parts across the country by truck, you need to attend to dozens of details, from precisely managing humidity and temperature levels to protecting cargo from theft. When moving oversized oil and gas pipeline components, meanwhile, you may have to map out your route in great detail to make sure your truck can haul the load safely on the road. Delays and inefficiencies can cost companies thousands of dollars. Packing and shipping errors can cause accidents.
The U.S. – Mexico – Canada Trade Agreement (USMCA) will replace NAFTA entering into force on July 01, 2020.
Incoterms, or trade terms, are an essential element of international sale contracts set forth by the International Chamber of Commerce (ICC). They explain the division of risks and costs concerning shipping and import and export clearance between the buyer and seller. While Incoterms may seem like a dry topic, when changes arise in Incoterms, experienced compliance managers, customs brokers, export managers, and the like take notice.