Market Size of Asia-Pacific Customs Brokerage Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Low |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Asia-Pacific Customs Brokerage Market Analysis
The Asia-Pacific customs brokerage market is estimated to register a CAGR of approximately 3% during the forecast period (2022-2027).
The coronavirus disease (COVID-19) pandemic has had a significant negative impact on global trade and supply chains, with many vulnerable economies in low-income countries being disproportionately affected. Although developing Asia's trade recovered somewhat in the latter half of 2020, mainly due to the People's Republic of China (PRC), the rebound was less pronounced in other economies in the region. This also had an impact on the customs brokerage market in the region.
However, now the Asia-Pacific customs brokerage market has been steadily expanding, and this trend is expected to continue throughout the forecast period. The Asia-Pacific region is very important in global trade, and the region accounts for a large portion of global imports and exports. The region's top trading nations are China, Japan, India, Australia, and South Korea. According to the Ministry of Finance of the People's Republic of China, China collected CNY 2.01 trillion in custom duties in 2021. The Central Taxes and Customs Board of India states that the total customs duties collected in 2020-2021 were INR 1.3 trillion, and the total customs duties collected by the Japan Customs Authority in FY 2019 were JPY 9.2 trillion, accounting for 14.9% of the total national tax revenues.
Customs brokerage is a highly competitive market, with a large number of brokers operating, particularly along borders. The major players, however, control a sizable portion of the market. Companies that offer customs brokerage services are investing in R&D to gain a competitive advantage in the market. R&D spending is expected to rise over the forecast period as demand grows for streamlined and more effective customs clearance processes with quick turnaround times.
