Global trade news has been on the front page for the majority of 2018, with changing trade laws and increasing pressure on the 'trade wars' being experienced by several markets across the globe. So what does 2019 have in store for global trade?
Trade policies continue to fluctuate
Trade laws and regulations continue to change across the globe, based on changing political structures. Several countries are exhibiting more insular behavior and restricting trade with certain countries.
The growing 'trade wars' between several large markets is resulting in expanding opportunities for different sourcing. Companies are looking to take advantage of these opportunities to avoid being a victim of the trade wars.
Consumers rule the supply chain
Consumers are king in the world of supply chain. As customers become more and more demanding in service and product options, companies must meet these demands in order to remain competitive.
Tech investments on the rise
Companies across supply chains continue to invest in technology to improve and synchronize their supply chain. Software and hardware within distribution networks, warehouses, and manufacturing plants continue to take center-stage.
Transportation capacity remains tight
The capacity crunch continues to impact transportation in rail, road, and sea. This means companies are beginning to think outside of the box for new solutions and improved efficiencies in shipping.
The shortage of skilled workers throughout the supply chain means that there is high demand for employees. Companies are continuing to improve practices through hiring and retention to maintain a skilled workforce. Many companies are also investing in improved tech to compensate for the shortage of skilled employees.