The import and export industry is one of the most thriving sectors in today’s business world. In fact, the World Trade Statistical Review 2018 revealed that the value of world merchandise trade increased by 11% in 2017, implying the increasing demand for products across markets worldwide.
With extremely powerful benefits such as expanded market, improved sales, reduced costs, and industry leadership, it is no longer surprising why more and more entrepreneurs venture into this kind of business. And considering that most supply chain and logistics services can now be acquired through the internet, many importers and exporters have been able to compete on a global scale.
One of the logistics services that have thrived alongside international trade is the freight forwarding businesses. Retaining the services of a freight forwarding company has become a solution for most companies that are aiming to reduce their shipping cost and at the same time gain a competitive advantage in areas of cargo delivery and customs brokerage.
Freight forwarding has become essential to the point that it has also become a hotbed for scammers these days. For the past recent years, there has been a rise in fraudulent freight forwarding transactions which have led for many importers and exporters to lose significant money, and worse, suffer tarnished brand reputation and loss customers.
This infographic by Excelsior Worldwide Freight Logistics details the three most common scams in the freight forwarding industry and the actionable ways importers and exporters can do to avoid them.