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6 factors contributing to global trade complexity
Explore insights from our 2024 Global Trade Report to address market challenges.
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Explore insights from our 2024 Global Trade Report to address market challenges.
Global trade is becoming increasingly complex, presenting significant challenges for businesses worldwide. According to the 2024 Global Trade Report, several key factors are contributors to this complexity: supply chain issues, ESG and regulatory requirements, geopolitical and economic uncertainties, as well as slow technology adoption. This infographic dives into the supporting statistics, urging businesses to prepare for an uncertain future in the global trade market.
1. Supply chain disruptions
74% of survey respondents said their businesses were impacted by supply chain due diligence, making it the most impactful change among all the regulatory and customs system changes.
2. ESG & regulatory considerations
81% state ESG issues are a major consideration in selecting suppliers for their business.
The primary drivers for ESG data collection from suppliers include reputational risk (19%), investor pressure (28%), requirements from significant customers (34%), and regulatory requirements (80%).
3. Geopolitical events
52% said their businesses were impacted by geopolitically charged export control laws while an additional 41% of respondents mentioned their companies were affected by retaliatory tariffs, especially those involving the US, China, and Europe.
International politics and conflicts were frequently cited by 19% of respondents, highlighting these issues as a strategic priority.
4. Economic uncertainty
JPMorgan Chase estimates a 45% chance of a global recession occurring by the end of 2025. Economic instability, such as inflation, complicates businesses' ability to predict demand accurately, which ultimately affects their supply chain planning.
Source: https://www.jpmorgan.com/insights/global-research/economy/recession-probability
5. Talent outsourcing
95% said their businesses outsource some portion of their global trade and supply chain management.
The most commonly outsourced functions include customs clearance and regulatory compliance (67%), trade systems management or implementation (44%), procurement or supply chain management (37%), and trade logistics or operations (31%).
Large companies said they use consultants 71% of the time to stay compliant with regulatory requirements.
6. Technology implementation
Fewer than 1 in 5 respondents said their companies are currently using technology for ESG, global trade management, and trade & supply chain data analytics.
Only 36% have integrated systems for viewing trade data across regions.
By engaging with this report data, businesses can better prepare for global trade uncertainty, make strategic decisions, and maintain a competitive advantage in the global trade market.
Download the 2024 Global Trade Report today and empower your business to master the complexities of global trade.
Simplify global trade management with compliance information and facilitation tools.