The year 2020 has been an unprecedented time for global trade.
But the COVID 19 pandemic revealed that to trade successfully, it is critical for businesses to:
- embrace digitization
- build systems to stay in compliance with dynamic trade regulations
- and diversify their supply chains.
Here are some new ways in which global trade continues to adapt to the new normal:
- Accelerating the Digitization of Global Trade - Transition from barcodes to RFID tags; tracking shipments through the Internet of Things
- Redrawing the World Trade Map - Trade between China and US may decrease; Trade opportunities increase for South-East Asia
- Revising Tariffs vs. Connecting Countries - New tariffs and regulations; countries adopt ways to ensure openness of their borders for global trade
- Building Supply Chain Resilience - Organizations building larger inventories; Businesses ready to nearshore manufacturing
- Facilitating the Flow of Information - Usage of interactive maps for identifying production, distribution & suppliers of products.
While the nature of global trade may change, but it is here to stay.
To know more about the new trends in global trade industry, visit www.trademo.com
