There are several laws governing global trade, and these are highly complex and ever-changing.
Global trade managers have to deal with the complexities of multiple languages, time zones, currencies, taxes, and modes of transport.
1. Traditionally, global trading organizations spend most of their time and resources manually screening shipments and updating them. The solution should ensure that the process is automated, enabling organizations to screen their shipments more often, more efficiently, and more accurately, ensuring the actual shipment status is reported to the required parties.
In addition, companies should be able to track and trace shipments from origin to destination and boost operational efficiencies. They are aware of delays and deviations and can overcome shipment delays. By comparing costs and charges, companies can determine the best voyage strategies.
2. According to UNCTAD the value of global merchandise trade is predicted to fall by 5.6% in 2020 compared with last year. This would be the biggest fall in merchandise trade since 2009, when trade fell by 22%. This is a significantly more optimistic nowcast than only a few weeks ago when UNCTAD nowcasts were estimating a fall of 9%. The coronavirus pandemic transformed business as usual in 2020, increasing demand for up-to-date figures on the economic impacts while also impacting statistical modeling.
3. COVID-19 has created tectonic shifts in every aspect of the global economy, changing both internal and external dynamics of every country in the world. There are still significant uncertainties about the trajectory of the recovery and what permanent changes we will see after the dust settles. One area of concern is how globalization and, especially, economic integration will fare, and whether we will need new rules for the new reality.
Rebuilding the global economy after COVID 19 will require reinstating trust in free trade and support of increased capital flows, especially for developing and emerging nations.
Growth + Change = Opportunity! How are you going to capitalize on the opportunity as a freight broker, agent or dispatcher?