The Future of Customs Compliance in Global Supply Chains: Trends to Watch in 2024

As we power ahead into 2024, the world of customs compliance is set to undergo significant changes that will impact businesses across the global supply chain.

At Tarn International, we understand the importance of staying ahead of these trends to ensure our clients can navigate the complexities of international trade with ease. In this article, we'll explore the key customs trends to watch out for in the coming year and how they will shape the future of global supply chains.

Chief Deadline Extension

The deadline for switching export declarations from the CHIEF system to the Customs Declaration Service (CDS) has been extended by HM Revenue and Customs (HMRC) to June 4, 2024.

This delay is a fortunate opportunity for companies that export inventory-based goods to make the conversion at their own speed and avoid the hassles of a last-minute change. Timely implementation of this change is critical to a smooth transition into the CDS, which is now a requirement for export declaration submission.

Embracing Digital Transformation in Customs Processes

One of the most significant trends we expect to see in 2024 is the wider adoption of digital customs software. While the digitalisation of customs processes has been in motion since the early 2000s, more businesses are now recognising the benefits of going digital. By harnessing the power of technology, companies can revolutionise the way they manage their international logistics, streamlining processes, reducing costs, and improving accuracy.

Leveraging Customs Compliance as a Business Strategy

In 2024, we expect to see a shift in the way businesses perceive customs compliance. Rather than viewing it as a mere necessity, forward-thinking companies will start to recognise the strategic advantages of managing customs compliance effectively. By taking advantage of available free trade agreements, duty recovery, duty suspension, and other opportunities, businesses can significantly reduce costs and accelerate growth.

Navigating New Sustainability Regulations

The coming year will also see the introduction of stronger customs compliance regulations related to Environmental, Social, and Corporate Governance (ESG) topics. These regulations aim to create a safer framework for the future, ensuring that businesses operate in a sustainable and responsible manner. To comply with these new regulations, companies will need to have a clear understanding of their suppliers and any potential risks they may pose.

Enhancing Supply Chain Visibility

In an increasingly complex and dynamic global trade environment, visibility is key to gaining a competitive advantage. As regulations governing international trade become more intricate, businesses will need to have better visibility into their supply chains to identify and mitigate potential risks. Customs data, along with trust-based systems like Authorised Economic Operator (AEO) status, will play a crucial role in enabling more predictable and resilient supply chains.

Harnessing the Power of Artificial Intelligence

Artificial Intelligence (AI) is set to play an increasingly prominent role in the customs landscape in 2024. From predictive risk assessment to automated document verification, AI has the potential to revolutionise the way businesses manage their customs processes. As more companies move away from paper-based systems and embrace digital customs management, the adoption of AI-powered solutions will continue to grow.

Partnering with Integrated Logistics Providers

In 2024, we expect to see a growing number of integrated logistics providers offering additional support with core customs services, such as import and export declarations, transit declarations, and more. These providers will be well-positioned to assist businesses with all necessary documents, process upgrades, and advisory services on planning, compliance, and duty optimisation.

Preparing for the Future of Customs Compliance with Tarn International

As we look ahead, it's clear that the world of customs compliance is set to undergo significant changes.

At Tarn International, we understand the importance of identifying and preparing for these trends.

As a trusted executive partner for all types of customs professionals we are committed to helping our clients navigate the complexities of international trade; and through our recruitment services, we can help companies identify and attract top talent in the supply chain and logistics industry.?

By partnering with Tarn International, businesses can confidently navigate the future of customs compliance, secure in the knowledge that they have access to the talent, expertise, and support they need to thrive in an increasingly complex global trade environment.

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