J.P.Morgan, a #MACoCon sponsor, reflects on how COVID-19 changed global trade and how businesses can stay ahead of emerging risks.
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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.”
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