The Court of International Trade (CIT) has recently announced a class action for IEEPA refunds. On October 8, the CIT said the class action will allow refunds to importers who imported cargo under the now-illegal International Emergency Economic Powers Act (IEEPA)...
Shipping goods internationally can mean very different things depending on what you are moving. Sending a box overseas with a parcel carrier is one process. Moving pallets, machinery, a full container, or commercial inventory between countries involves freight...
Choosing a freight forwarder should involve more than comparing freight rates. The company you choose may be responsible for coordinating carrier bookings, shipping documents, international transportation, customs clearance, and final delivery. When everything goes...
Shippers may soon face higher costs as the Panama Canal fees continue to rise. Over the last few months, various scenarios have driven transit fees higher. Major carrier companies have begun raising their Panama Canal Surcharge from $100 per TEU to $130 and nearly...
As international shipping continues to shift, the industry can soon see Canada leading the BRICS economy. This is a group of emerging economies comprising ten countries, including Brazil, China, Russia, India, and others. Over the last few years, this market has expanded, now accounting for 40% of the global economy. Although Canada is not a part of BRICS, Canada’s largest trading partners are in the group, including China and India. As Canada continues to expand its trade, the concurrent growth of countries in the group may significantly impact shipping.
No. Canada is not a member of BRICS, although it trades extensively with several BRICS countries, including China, India, and Brazil. For Canadian businesses trading with these markets, the practical considerations are less about BRICS membership and more about how goods are moved across borders, which duties and import requirements apply, and how changing trade relationships affect supply chains. Companies shipping goods between Canada, the United States, and other international markets may need support from an experienced freight forwarder to coordinate transportation, while shipments entering the U.S. must also meet U.S. customs clearance requirements before the goods can be released.
While not being a member of BRICS, Canada’s primary exports are to countries in the bloc. A popular commodity that Canada exports is wheat, and it is the world’s third-largest shipper. With Canada as a major trader in BRICS, the country could soon account for 44% of the world’s grain consumption. Canadian exporters also benefit from fast-growing consumer markets in energy, critical minerals, and agriculture. The BRICS push for reduced reliance on the US dollar and greater economic cooperation will also lead to growth opportunities.
The reliance on Canadian exports may continue to rise as BRICS reshapes global trade. US tariffs on Canadian imports could further prompt Canadian shippers to diversify their supply chains to countries in the group. Coincidentally, imports into the US from Canada may also increase, as both countries remain significant trade partners. Maintaining trade relations with the US while engaging pragmatically with BRICS economies will expand Canada’s global presence.
As Canada becomes a major player in global trade, imports and exports between the US and Canada could increase. Despite the opportunities for international shipping, shippers may face risks when starting. An ideal way to prepare is by coordinating with a 3PL (Third-Party Logistics) Provider. 3PLs provide a range of supply chain logistics services, including international and domestic shipping, customs clearance, warehousing, and more. Reach A1 Worldwide Logistics at info@a1wwl.com or 305-821-8995 to learn about our solutions for ensuring your shipment’s success.
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