USA Customs Brokerage Market Size

USA Customs Brokerage Market Analysis

The USA Customs Brokerage Market size is estimated at USD 5.17 billion in 2024, and is expected to reach USD 6.59 billion by 2029, growing at a CAGR of 4.95% during the forecast period (2024-2029).

• The market for customs brokerage in the United States has been growing steadily, and the growth is expected to continue through the forecast period. The number of entries processed by US Customs and Border Protection (CBP) has been increasing steadily with increasing imports.
• In 2021, USD 2.7 trillion of imports were processed, equating to 35.5 million entries and more than 28.7 million imported cargo containers at the US ports of entry. The continuously changing trade environment and increasing complexity of compliance are driving the demand for customs brokerage services, especially with Section 301.
• The market for customs brokerage is highly competitive, with a large number of brokers operating, especially along the borders. However, the major players account for a significant market share.
• The companies providing customs brokerage services are investing in research and development activities to gain a competitive edge in the market. As the demand for streamlined and more effective customs clearance processes in short turnaround times is growing, R&D spending is expected to increase through the forecast period.
• The logistics players across the world, including customs brokers, are exploring the application of blockchain technology. For instance, the Blockchain In Transport Alliance (BiTA) is an alliance formed by logistics and other players to drive the adoption of blockchain.
• Livingston announced its membership in the Blockchain in Transport Alliance (BiTA). The membership allows the company to provide input into an evolving set of industry standards for rapidly developing blockchain technology that will serve as the core of digitized business transactions in the world of international freight.