J.P.Morgan, a #MACoCon sponsor, reflects on how COVID-19 changed global trade and how businesses can stay ahead of emerging risks.
More Maryland county governments trust J.P. Morgan’s commercial card solution, than any other single bank. Plus, hundreds of national county governments trust J.P. Morgan for banking, merchant, payable, receivable, credit, lease, and liquidity solutions. Improve efficiency, security, support, and resiliency while reducing fraud risk, expenses, and manual work. Doug Krinsky is a Maryland-based commercial banker, exclusively focused on governmental entities: 410-998-9163 or Douglas.L.Krinsky@JPMorgan.com.
According to a J.P.Morgan blog:
The coronavirus pandemic triggered the biggest challenges to Global Trade in a generation. A push towards sustainable business practices, digitalization and risk management offers opportunities to get back on track.
Manufacturing output, transportation supply chains and demand disruptions were multiplied by “massive systemic issues such as import bans, increased tariffs, and the rise of protectionism over the past couple years on top of that, owing to the collapse we saw in the first half of 2020,” said George Fong, J.P. Morgan Global Product Lead for Documentary Trade.
Demand for commodities compounded the trade finance downturn and according to Fong, “when you look at commodities, 20% are being shipped to China. China–its demand for imports and commodities has reduced significantly–this led to a 20% reduction of commodity prices below last year.”
Read the full blog, and take a look at how you can stay ahead of emerging risks.
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