Report: Firms underestimate customs
A new study by Customs support group (Csg) and Boston consulting group (Bcg) finds that many firms underestimate the economic significance of customs in global trade. In 2024, duties collected worldwide reached USD 600–900 billion, close to 1% of global output. The report notes that European clearance averages two to three days, with 20–40% of delays caused by errors in classification or documentation.
Overpayments from unused free trade agreements or misclassification often reach seven figures annually according to the companies. The study, titled 'The hidden power of customs management in global trade', shows that digitisation and centralised governance improve transparency. The report outlines five levers for value creation, including early customs integration, centralised data, cross-functional ownership, adaptable processes and scaling automation. (js)