The latest findings from the Allianz Trade Global Survey 2024, released on Tuesday, shed light on the potential implications of artificial intelligence (AI) on global trade. The survey, which gathered insights from over 3,000 companies across various countries, delved into the outlooks for global trade in the upcoming year and the factors influencing it, including technological advancements like AI.
According to the report, companies are generally optimistic about the potential benefits of AI in trade. Specifically, Poland and China are identified as regions heavily relying on AI to enhance supply-chain management, expand export opportunities, and streamline communication processes.
Outlined below are five key ways AI is expected to benefit global trade, as highlighted by Ana Boata and her co-authors from Allianz Research:
- Productivity gains driven by AI could lead to a potential increase in global exports by up to 0.2 percentage point.
- Industries dealing in goods such as computers, electronics, and robotics are anticipated to be among the primary beneficiaries of AI integration.
- Global value chains are expected to operate more efficiently with the adoption of AI.
- Costs are projected to decrease while export opportunities are likely to expand.
- Digital trade is poised to benefit from accelerated cross-border movement of data and digitally delivered services.
However, amidst the optimism surrounding AI’s potential, challenges and considerations emerge. The rapid pace of technological change poses a challenge for authorities to keep up and ensure regulatory continuity across jurisdictions, particularly in areas such as e-commerce that transcend traditional customs regimes.
Furthermore, disparities in data regulations across regions, with stricter regulations in the European Union compared to other parts of the world like the US and China, raise concerns about competitiveness and innovation capabilities for European technology firms.
The report also highlights the potential for AI-driven digital trade to exacerbate existing disparities between large and small companies, as well as between developed and emerging economies. This underscores the importance of ongoing discussions regarding global internet regulations, particularly within the World Trade Organization.
For further insights into the global trade outlook, the Qatar Economic Forum, Powered by Bloomberg, commences today. Interested individuals can follow the discussions via broadcast and access live updates through the event’s live blog.
In addition, recent data from the Association for Supply Chain Management indicates notable increases in salaries for supply-chain managers in key economies, with median compensation in the US surpassing $100,000. The survey also reveals salary increases across various percentiles, reflecting the evolving dynamics within the supply chain sector.
Today’s highlights in global trade include developments such as Treasury Secretary Janet Yellen’s remarks on US-China relations, Belgium and the Netherlands addressing drug-related violence, shifts in export production towards South Asia, and diplomatic and economic engagements between the UK, Saudi Arabia, and the US.
Looking ahead, events such as the Bloomberg Supply Chain Intelligence Webinar Series aim to provide deeper insights into the complexities of global supply chains and the impacts of various trends and issues on corporations and investors.
Get comprehensive supply chain report news updates at The Supply Chain Report. For international trade tools, see ADAMftd.com.
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