OCTOBER 20238n vast and robust scenario of exchanging goods & services leading the demand of freight forwarders go beyond the expectations. Moreover the impact of COVID-19 results the changes in workforce on goods movement. The out-breaking activities of travel-bans and quarantine measures heavily disrupted the industry with demand for logistics solutions. The extreme population and expanded geo-graphical area of India is influencing the entire market scenario to turn the head towards logistics. As we all know, India is 5th largest economy among the global countries, where the logistics & freight forwarding industry is contributing 14 percent in overall GDP of the country. According to the market report analysis of Morder Intelligence, the market size of freight and logistics estimated $288.18 billion in 2023 with growth rate of CAGR 7.67 percent. The numbers are projected to reach $484.43 billion with CAGR of 9.04 percent during the forecast period of 2023 to 2029. Overall the market size shows us how the freight forwarding industry is navigating towards the growth & innovation. In this article, we will delve into different facets of freight forwarding industry and its impact on various industries in India. Key Workflow of Freight Forwarding: Export haulage is the first stage process in freight forwarding. At this point, the transportation of goods from manufacturing company to freight forwarding warehouse will go on. It involves packaging, booking, registering, prepping the goods for shipments. Here, the mode of transport may be varying according to the industry, i.e. ocean, ground, air. The duration of haulage ranges from hours, days and weeks. It predominantly depends on the mode of transportation and the tendency of the items. Next to that, the process of custom clearance which is getting approval for items from the Indian authority of customs. Each and every country has its own rules and regulations to ensure the documents of license, insurance certificates, and bills and so on. This process is usually handled by custom agencies and brokers; they submit necessary supporting documents and details to authority on behalf of the respected company. In this process, timely clearance also matters, if we delay to get custom clearance, there are possible chances to deny the approval for shipments. After completing custom clearance, the process of Items check point occurs when the receiver side unloads the goods in to warehouse. The receiving team has to inspect each and every item properly whether there is any damage or misplacement happened. The logistics team also makes sure that the target locations will accept the shipments. If the shipment contains any restricted items such as flammable liquids, drugs, alcohol and perishable items, then the freight forwarding team will ensure that the items meet the proper guidelines, especially for international shipments. After finishing the import custom clearance, the transport company arranged by the team of freight forwarders checks the paper documentations thoroughly. Here, the cargo offload from the transporting vehicle or container and prepare the goods deliver to the destination at forwarder's warehouse. The Final process is import haulage; this process involves the transportation of goods from the port of arrival to the consignee's designated area. After the goods arrive at the destination port, it needs to be transported to the consignee's location or warehouse for further process or distribution. Import haulage ensures the seamless movement of cargo from the port to the final destination, using efficient transportation modes and adhering to rules, regulations & customs necessities.Applications of Freight Forwarding in Various Industries:Manufacturing: Freight forwarding enables manufacturers to import raw materials & components from international suppliers, ensuring a steady supply chain. It also helps in exporting finished products to global markets, handling logistics, customs clearance, and transportation. Stockarea, Addax Logistics, Mahindra Logistics are major freight forwarders in India providing exceptional logistics services for manufacturing Industry. They creating extraordinary arena for shippers and businesses to find the ultimate transactional match. Retail & E-commerce: Freight forwarding supports the retail and e-commerce sectors by managing the transportation of goods from manufacturers or suppliers to distribution centers and retail stores. It ensures timely delivery, inventory management, and ISC COLUMNFREIGHT FORWARDING: DESIRABLE DISTRIBUTION AT YOUR DEDICATED DESTINATION
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