- The United States is still the world’s largest economy and largest importer and exporter of goods and services – with strong ties to Mexico and Canada
- Mexico has reached number one as a US trade partner, with a value of $520.12 billion during the first eight months of 2022, followed by Canada
- Freight Technologies’ cloud-based marketplace, Fr8App, is simplifying Over-The-Road (“OTR”) trade and reducing the carbon footprint in the industry by directly matching OTR shippers with qualified carriers and provides 24/7 live tracking, quick pay, and driver rating features
- The company is building strategic relationships with key customers across trade industries, expanding its customer base to provide its all-in-one solution for shippers with more reliable results and lower costs
Trade is vital to America’s prosperity as the world’s largest economy and largest importer and exporter of goods and services. Trade fuels economic growth, supports good jobs, raises living standards, and helps provide families with affordable goods and services. For the first time since January of this year, Mexico overtook Canada as the number one trade partner of the United States in August, increasing trade to $520.12 billion through the first eight months of the year, according to Census Bureau data analyzed by World City (https://ibn.fm/2YU7w).
The most popular point for commercial truck crossings between the United States and Mexico is Laredo, Texas, which saw an increase of 12.8%, equivalent to 246,019 vehicles during August – ranking the port number two among the 450 ports, seaports, and border crossings between the United States and Mexico. The increase has brought the total number of truck crossings in Laredo to 2.7 million, an increase of 8.9% year to date.
Some of the biggest challenges experienced by freight carriers since the COVID-19 pandemic include global supply chain disruptions, increased ocean freight rates, and logistics challenges – but demand for importing and exporting is as strong as ever. Freight Technologies (NASDAQ: FRGT) (“Fr8Tech”) is a technology company developing solutions to optimize and automate the supply chain process and provides a platform for B2B cross-border shipping across the USMCA region. The company’s mission is to revolutionize cross-border shipping by providing carriers with increased growth opportunities and shippers with flexibility, visibility, and simplicity for the once-complex process of international OTR shipping.
Fr8Tech is leveraging its technology to help improve their customers’ operational efficiency and security while reducing its carbon footprint by optimizing empty miles and reducing paper consumption. Fr8App is a cloud-based marketplace that combines all aspects of a centralized control center into one platform – directly matching cross-border shippers throughout Mexico, Canada, and the United States with available carriers and drivers for their loads and capable of tracking status from start to finish. Powered by artificial intelligence and machine learning, Fr8App is the company’s B2B marketplace offering a real-time portal to connect shippers with qualified carriers. The Fr8App comes with 24/7 live tracking, quick pay, and driver ratings to make the process faster, more secure, and at the best pricing possible.
The commercial trucking market is full of inefficiencies that create problems for both shippers and carriers equally, including a lack of transparency in pricing, inefficient matching, low technological penetration, and complexity of cross-border trades – Fr8App automates the process, making it more efficient and reducing logistic costs while improving security.
The company is building strategic relationships with key players in the transportation industry, allowing faster growth of its customer base with enterprise accounts. With major imports and exports stemming from technology and other goods and services, the integration of these companies is allowing for Fr8Tech to provide an all-in-one solution for the inefficiencies these customers face in the transportation industry today by connecting the US, Mexico, and Canadian Marketplace (“USMCA”) with a single shipping solution.
For more information, visit the company’s website at www.Fr8Technologies.com.
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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