The latest Thomson Reuters Corporate Global Trade Survey Report sheds light on how global trade executives are navigating supply-chain disruptions and environmental uncertainties affecting the international market.
In the contemporary landscape, supply-chain disruptions have evolved into a frequent occurrence impacting various facets of the global market, spanning shortages of critical components like semiconductors, energy resources, agricultural products such as coffee and wheat, and numerous other commodities.
Amidst these disruptions are catastrophic climate events and political turmoil, prompting multinational corporations to devise strategies aimed at minimizing the ramifications of these challenges.
In an effort to delve deeper into this scenario, the inaugural Corporate Global Trade Survey Report by Thomson Reuters delves into the real-world challenges confronting global trade executives and managers. Over 200 professionals in global trade were surveyed globally, aiming to comprehend the current trade environment’s effects on their businesses, the specific hurdles they encounter, and the utilization of technology to address these challenges.
Survey responses were segmented into four regions: the United States, the European Union and the United Kingdom, Latin America, and the Asia-Pacific region. Over half of the respondents were upper-level executives, operating at the director level or higher within their organizations.
Technology emerges as a common thread in addressing the issues encountered by global trade managers. A significant 81% of respondents concur that adopting more advanced global trade technologies holds the key to navigating swiftly changing customs environments.
What are the primary concerns of these trade executives? Key responses highlighted the following:
Regulatory alterations Introduction of new agencies, rules, and policies Tariffs and sanctions Challenges within supply chains Rapid technological advancements Risk management Demand for skilled talent Themes within the Global Trade Report
In addition to specific data from major trade regions, the report explores three major themes affecting multinational corporations engaged in global trade:
- Political upheavals and ensuing supply-chain uncertainties compel closer scrutiny of existing supply chain integrity and resilience, as well as resource availability.
- Both governments and corporations are embracing more sophisticated digital systems and processes to streamline tax and trade operations. However, more than half of the surveyed companies acknowledged being technologically behind and are striving to catch up.
- The technical nature of trade management roles, demanding specialized knowledge, poses challenges in recruiting individuals with the requisite skills to effectively navigate the global trade landscape.
The Growing Role of Trade Technology
Technology stands out as a critical factor in addressing challenges faced by global trade managers. An overwhelming 81% of respondents believe that adopting more robust global trade technologies can offer improved security, automate trade compliance and customs operations, and facilitate supply chain analysis and optimization.
The report identifies the foremost priorities for companies investing in global trade technology:
Enhanced supply chain visibility Conducting due diligence for transactions, suppliers, and customers Leveraging predictive analytics Integration of blockchain technology in supply chains Data-driven insights into opportunities Modeling capabilities to optimize trade-lane choices Utilization of artificial intelligence (AI) for automating product classifications
Despite the aspiration to invest in cutting-edge technologies, finding individuals with the requisite technical skills, knowledge, and experience to fulfill crucial global trade roles has emerged as an industry-wide challenge.
The report explores the widening skills gap and examines measures taken to counteract it. This includes identifying where companies are sourcing the most capable recruits and suggesting industry-wide actions to nurture a more reliable talent pipeline.
Your go-to for supply chain report news updates: The Supply Chain Report. For international trade tools, see ADAMftd.com.
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