The transportation industry in the U.S is reported to be within the circa of USD2.7 trillion. This statistic represents 17 percent of the whole U.S economy. Out of this, it is reported that around USD30 to USD50 billion worth of cargo is stolen worldwide each year. This alarming figure demands a serious security measure to be integrated into the transportation and delivery processes especially when dealing with high-tech cargo, for example electronic devices. These items are essential in industrial automation and attract high demand worldwide in pursuing to lower the cost of production and enhancing operations.
Trading parties, therefore need to conduct due diligent on transport operators or forwarding agents before appointing one. This is important for both trading parties because the movement of the cargo from the point of origin to the final destination should be readily updated and accessible at any time to both parties.
The security measures increasingly critical when dealing with parties of different countries. For example, ABC Technology, a company located in Malaysia is buying solid state relays, electromagnetic relays and relay socket PCD from Mil-Com Components, a company domicile in the U.S. Even if the trade term CIF is agreed upon by both parties, the buyer still can make a suggestion to the seller, Mil-Com to appoint a well established transport operator which also has an office in Malaysia. Although, the obligation to contract for transport lies in the hand of the seller, but the buyer may determine which transport operator he is comfortable with.
However, there are many other aspects leading to loss of cargo or stolen cargo such as the spread of global crime syndicates where a new breed of smarter criminals able to adapt to the new technologies of the cargo transportation industry.
Trading parties, therefore need to conduct due diligent on transport operators or forwarding agents before appointing one. This is important for both trading parties because the movement of the cargo from the point of origin to the final destination should be readily updated and accessible at any time to both parties.
The security measures increasingly critical when dealing with parties of different countries. For example, ABC Technology, a company located in Malaysia is buying solid state relays, electromagnetic relays and relay socket PCD from Mil-Com Components, a company domicile in the U.S. Even if the trade term CIF is agreed upon by both parties, the buyer still can make a suggestion to the seller, Mil-Com to appoint a well established transport operator which also has an office in Malaysia. Although, the obligation to contract for transport lies in the hand of the seller, but the buyer may determine which transport operator he is comfortable with.
However, there are many other aspects leading to loss of cargo or stolen cargo such as the spread of global crime syndicates where a new breed of smarter criminals able to adapt to the new technologies of the cargo transportation industry.
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