Market Trends of Asia-Pacific Customs Brokerage Industry
This section covers the major market trends shaping the APAC Customs Brokerage Market according to our research experts:
Increasing Chinese Imports Driving the Growth of the Market
The Chinese economy is the second-largest economy globally and was the largest in the world in terms of share of global PPP-based GDP in 2021, accounting for 18.62% of global GDP. China has the largest consumer market in the Asia-Pacific region, With a population base of 1.4 billion. China's total goods imports and exports expanded 21.4% year on year to CNY 39.1 trillion in 2021. China's top imports in 2021 were, Electrical machinery and equipment (24.8% of total imports), Mineral fuels including oil Ores (14.7%), slag, ash (10.4%), Machinery including computers (8.6%), Optical, technical, medical apparatus (4.1%), Vehicles (3.3%), Plastics, plastic articles (3.1%), Gems, precious metals (2.9%), Copper (2.4%), Organic chemicals (2.3%).
According to the General Administration of Customs, tax revenue exceeded CNY 2 trillion (about USD 313.75 billion) for the first time in 2021. Taxes collected reached CNY 2.01 trillion, up 17.7% from 2020, data from the administration showed. This growth in the imports and the customs tax collected shows the growth of the Asia-Pacific customs brokerage market.
Maritime Trade Driving the Growth of the Market
Maritime freight transport is the most important mode of international goods transport. The number of customs entries by mode is highest for sea transport, as is the revenue of the customs brokerage market. According to the United Nations Conference on Trade and Development (UNCTAD), sea transport accounts for roughly 80% of global trade by volume and 70% by value.
Around two-thirds of global trade in goods takes place in developing countries. In 2020, developing countries, including the transition economies of Asia, accounted for 60% of global goods loaded (exports) and 70% of goods discharged (imports). Much of this growth has been in East Asia, especially China, and there has also been a surge in volumes on the Transpacific containerized trade route linking East Asia to North America. Asia's predominance in global maritime trade strengthened in 2020, as it maintained a 41% share of total goods loaded, increased its volume of goods discharged, and remained the largest seafarer supply region in the world.
