It is not a secret that the recent pandemic events have dramatically changed the world. It is safe to say now that the world will never be the same again. This applies to the trading patterns as well. Many countries still use lockdown measures to stop the spreading of the virus and protect their citizens. The decreased percentage of import and export business contracts has a great impact on countries' economies. What can be done to improve the situation and adjust to the changing environment?
The associations of exporters in every country need to adjust to the new realities. They need to develop new terms and regulations to assure a fair international interaction. The organizations are present almost in every country, from the American Association of Exporters and Importers to the Association of Ghana Exporters. The key mission here is to find new ways to facilitate global trade and create new conditions in times of lockdowns and quarantines. One of the possible steps might be the diversification of markets. It is time to critically analyze the current contracts and look for new opportunities. Many of the business alliances fall apart during these unpredictable times. However, it is also an opportunity to find new business partners. As they say, when one door closes, another one opens.
One more point of consideration should be the supply chain risks. Naturally, there might be disruptions in global supply chains due to the critical situation. That is why it is crucial to make a thorough analysis and identify the weaknesses. An effective strategy would be to focus on the key products that result in the bigger part of revenue. It is not the right time to keep holding to all the strings if only a small fraction of them are actually profitable. Needless to say that everyone is trying to make a fast and painless shift to e-commerce. Many businesses choose to use online marketplaces for export purposes. Obviously, it is the most convenient way to do business in the current situation. However, the irregular schedules of delivery companies should be taken into account as well. Every country has the right to change the requirements of passing through the borders. It is vital to have access to regular updates to avoid possible risks. It is also worth keeping in mind that this unprecedented economic crisis will come to an end soon. Businesses that have shown high resilience will be able to boost the results.
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