Artificial intelligence in international trade – introduction

Artificial intelligence in international trade – it will change everything. This is what you need to know.

Artificial intelligence will ultimately change the way in which international trade is done. There will be huge new opportunities for those who apply the new technology to take full advantage of these opportunities. Artificial intelligence in international trade will revolutionise logistics, sales & marketing, documentation, counterfeiting, language barriers and future opportunities.

Artificial intelligence in international trade has more impact to date than in any other sector of the economy. The OECD Trade Policy Paper of April 2022 stated the following:

“The Artificial intelligence (AI) has strong potential to spur innovation, help firms create new value from data, and reduce trade costs. Growing interest in the economic and societal impacts of AI has also prompted interest in the trade implications of this new technology. While AI technologies have the potential to fundamentally change trade and international business models, trade itself can also be an important mechanism through which countries and firms access the inputs needed to build AI systems, whether goods, services, people or data, and through which they can deploy AI solutions globally.”

Artificial intelligence in international trade – Documentation and compliance

Artificial intelligence is now starting to change import and export documentation and compliance procedures. Traditional human inspections and paper based documentation will be largely replaced by AI machine learning and language processing which can automate procedures and reduce time and costs.

AI systems will analyse documents and detect any anomalies and potential risks. Customs clearance will be faster, fairer and more efficient and that will improve international trade and also enhance security and compliance measures.

Artificial intelligence in international trade –Removing language barriers

AI has brought about improvements in translation and natural language processing making communication in multiple languages much easier, improving automated language translation quality and assisting in language learning.

Effectively removing language barriers from international trade will improve procedures and documentation, sales and marketing and logistics. This will open up new markets and new opportunities to many businesses around the world.

Artificial intelligence in international trade – Optimising logistics and supply chains

Supply chain management is a crucial aspect of international trade. Getting goods in the correct place, time and quantity is a monumental task for governments and businesses. AI-powered algorithms can analyse information on inventory levels, production capacities, transportation options and customer demand to optimise supply chains. Artificial intelligence can improve forecasting accuracy, reduce lead times, minimise costs, select the best environmental options and enhance overall efficiency of the movement of goods around the world.

Artificial intelligence in international trade – Identifying trade opportunities

Artificial intelligence can also be used by businesses to identify international trade opportunities and build export sales. Vast amounts of data are available to exporters to optimise export sales & marketing efforts including social media, trade databases, market reports, etc. Artificial intelligence can be used to analyse this data. The analysis will be crucial to developing a marketing strategy which best finds export opportunities and meets consumer trends and demand.

Artificial intelligence tools in international trade provide businesses with valuable insights that can significantly impact their competitiveness in the global marketplace. Blackcat360.com is developing such an AI tool which will be available to our users to give them a competitive advantage.

Artificial intelligence in international trade – Reducing fraud, smuggling and counterfeit

International trade has numerous crime related problems including smuggling, counterfeiting, and corruption. Artificial intelligence is beginning to mitigate these problems by enhancing risk assessment and fraud detection capabilities. Artificial intelligence can analyse transaction data, financial records, and shipping information to identify suspicious patterns or anomalies that may indicate criminal activity.

Useful links:

https://www.oecd.org/publications/artificial-intelligence-and-international-trade-13212d3e-en.htm

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Artificial intelligence in international trade