In the era of big data, who can use customs data flexib […]
Know the Inforvellor Market
According to the United States Census Bureau report released in 2015, more than 400,000 identified US
companies dealt in imports, exports, or both in 2013.1 Those US companies accounted for $1,401 billion USD in
exports and $1,986 billion USD in imports.1
Current subscription prices for detailed US Census customs data direct from the government are priced at
either $200 or $400 USD per data issue per type, while subscriptions can be made monthly or annually.2 If a
company wants comprehensive data across multiple types, they have to pay for each type separately. Thus,
getting information for just one type of industry can cost well over $4,000.
In December of 2013, legislators presented to the US Congress an action plan for the creation and
implementation of a unified data system meant to gather United States import and export data.3 The data system
—the “Automate Commercial Environment/International Trade Data System” (ACE/ITDS)—was projected to launch
in December 2016. However, the project has been delayed as of January 2017.3
This system would have streamlined import/export cargo data for every port in the US but does not include
information for other countries. Even more, this system was meant only to report and display information, not
analyze and evaluate it. Businesses involved in international trade need more out of trade data reporting.
This delay presents a gap in information for those trading in imports/exports in the US.
In 2014, China (not including Hong Kong) exported over $2 billion USD in exports, with an annual export growth
of 6% since 2013. With the increase in international trading and the recent openness of the Chinese market,
China and other countries’ shipping records are being created with amazing speed. The difficulty comes with
sorting through these records.
Identifying, cataloguing, and analyzing the amount of raw data that international import/export trade
generates is a cumbersome and lengthy job for individual businesses. Even more, it can be expensive on their
own. Yet, this task is essential if they want to keep their competitive edge.
In answer to this problem, Inforvellor uses highly efficient IT skills and data collected from around the
world to categorize and maintain the timely updated trade information.