Market Size of Latin America Customs Brokerage Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.02 Billion |
| Market Size (2029) | USD 3.55 Billion |
| CAGR (2024 - 2029) | 3.31 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin American Customs Brokerage Service Market Analysis
The Latin America Customs Brokerage Market size is estimated at USD 3.02 billion in 2024, and is expected to reach USD 3.55 billion by 2029, growing at a CAGR of 3.31% during the forecast period (2024-2029).
Combating the pandemic required countries to expedite the clearance and release of medicines, diagnostics, kits, and equipment. Customs organizations in countries including Peru, Panama, Colombia, and Chile quickly suspended their deadlines and procedures to prevent goods from falling into legal abandonment.
- For shippers entering the Latin American market, friction at the border can be striking. The bureaucracy and the outdated clearance practices often result in lengthy customs delays. This has led to rampant corruption, with many customs officials known to ask for bribes to expedite the clearance of goods.
- The companies operating in the logistics sector across various end users are proactively adopting the latest technologies and software platforms to carry out customs processes like documentation and customs clearance efficiently.
- The rapid growth in last-mile deliveries and the seamless, fast, and end-to-end deliveries in the logistics market are some of the main drivers for the sudden growth in the number of companies offering specialized customs brokerage services as a part of their portfolios.
- The growing adoption of IoT-enabled connected devices and the increasing adoption of tech-driven logistics services drive the growth of the Latin American customs brokerage market. In addition, the development of the e-commerce industry and the increase in reverse logistics operations boost the market growth. However, the lack of manufacturers' control of logistics services hinders the market's growth.
- The COVID-19 pandemic has affected many aspects of international trade in Latin America, including supply chain management, manufacturing, importing, exporting, customs, and logistics. Before the pandemic, the electronic transmission of data prior to the arrival of goods to customs was rare in the region outside of express mail.
