How can AI optimize your import/export operations?

Artificial intelligence is undoubtedly an important tool for optimizing foreign trade processes. The efficiency of determining the fiscal classification of goods is impressive with the use of AI. By combining AI with D&A, it is possible to identify risks of customs penalties, as well as opportunities for reducing tax burden. Repetitive activities can be delegated to artificial intelligence. However, it is important to note that AI is still under development and it is still necessary to review and validate any results from artificial intelligence, as we often come across absurd answers that can be dangerous if we do not do a double check.

By leveraging AI, import/export businesses can enhance supplier selection with data-backed decisions, reduce risks, improve communication, and align with sustainability goals. This approach leads to better efficiency, cost savings, and resilience in global trade. Data-driven analysis allows businesses to assess supplier performance using historical data on delivery, quality, and reliability. AI also evaluates market trends and pricing to help secure the best deals. Risk Assessment is improved as AI identifies potential risks by analyzing geopolitical and economic data, ensuring suppliers are less vulnerable to disruptions. Automated compliance checks verify suppliers meet international trade regulations.

Powerful AI tools for the automated tariff classification of goods for import/export have been available for some time now. They are not flawless, but neither are humans. Many experts agree that this will be the area in customs where AI will bring the greatest benefits.

Data and AI streamline the complex process of trade documentation and customs clearance, reducing paperwork and improving efficiency. AI-powered systems can automatically extract relevant information from documents, such as invoices, packing lists, and bills of lading, saving time and reducing errors. Additionally, AI algorithms can analyse historical customs clearance data to identify patterns and provide recommendations, enabling businesses to optimise their customs processes and accelerate clearance times.

I add my comments based on the perspective of an Indian Merchant exporter or export trader/trading co based anywhere. I feel that the best area to put AI for Trading would be for data mining and prospecting new customers/ buyers for an existing exporter with existing products OR a new exporter with ready products. This is what can kick off new Biz & truly empowering a exporter, especially an Indian SME. If any AI developers are looking into this aspect, we are very much interested & ready to experiment & be Guinea pigs.??