- Mexico has become the United States’ leading international trading partner in recent months amid the country’s ongoing trade war with China
- Coincidental with Mexico’s growth as a nearshore commercial trade partner, the port at Laredo, Texas has become the most lucrative hub for cross-border commerce, recording $28.1 billion during this year’s first quarter
- Freight Technologies (aka Fr8Tech) is dedicated to aiding cross-border commerce through a suite of technological solutions targeting the relatively unorganized cross-border shipping and carrier industry
- Fr8Tech’s flagship platform, Fr8App, draws on artificial intelligence and machine learning technology to help match loads optimally and monitor shipments from origin to final destination
The ongoing trade war between the United States and China is leading to a shift in international commerce sourcing that is manifest in changes to the volume of trade traffic at the United States’ shipping and transport gateways.
U.S. Census Bureau data analyzed by media organization WorldCity and in turn reported last month by FreightWaves.com (https://ibn.fm/wXWD5) indicates that Mexico has been the lead trading partner for the United States during five of the past six months, and that the shift toward nearshoring of automotive parts and vehicles, in particular, has driven the trend.
Mexico’s ascendance as a trading partner coincides with the port at Laredo, Texas emerging as the nation’s most lucrative commercial transfer hub among the nation’s 450 international gateways for trade. FreightWaves reported total commerce through Laredo grew 7.4 percent YOY to $28.1 billion, marking the fourth straight month it has exceeded traffic at the Port of Los Angeles and Chicago’s O’Hare International Airport.
Supply chain innovator Freight Technologies (NASDAQ: FRGT) has steadily expanded its technological platform for aiding cross-border commercial freight transportation networks within the United States-Mexico-Canada Agreement (“USMCA”) trade area formerly known as NAFTA.
Freight Technologies’ flagship solution, Fr8App, was released in its first commercial iteration shortly before the U.S.-China Trade War began in January 2018 over concerns that China was conducting intellectual property theft of U.S. technologies and engaging in “unfair trade practices” (https://ibn.fm/kA1Og).
Fr8App’s products package focuses on the relatively unorganized cross-border commercial freight market on the U.S.-Mexico border, and by extension, the U.S.-Canada border — growing to provide freight-matching and origin-to-destination monitoring services for shippers and carriers that draw on artificial intelligence (“AI”) and machine learning technology (https://ibn.fm/s0hbA).
In recent months, the company integrated an extensive new pool of truck drivers from automated booking solutions platform Trucker Tools’ network of over 315,000 carriers (https://ibn.fm/Zv3bl) and celebrated a contract renewal by multinational insulation manufacturing company K-FLEX that expects to have over 100 trucks per week transporting its products from Mexico to the United States, using Fr8App to help manage the shipments (https://ibn.fm/tP3t2).
“Mexico’s expanding manufacturing base has offered an alternative to producing in China. … The automotive industry is an especially active example of the cross-border manufacturing relationship,” Federal Reserve Bank of Dallas senior business economist Luis Torres told FreightWaves. “A U.S. plant typically produces an intermediate good that is then exported to Mexico where it becomes part of the assembly process before a final good is then imported back into the U.S.”
NOTE TO INVESTORS: The latest news and updates relating to FRGT are available in the company’s newsroom at https://ibn.fm/FRGT
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