Air cargo (sometimes carried by passenger flight) is critical infrastructure that is moving medical supplies where they are needed most to fight the coronavirus.
China’s Belt and Road Initiative is laying the groundwork for new trade routes with infrastructure investments that span 138 countries. If successful, BRI means all roads will lead back to Beijing. Read the basics about BRI – and what questions remain.
Suffolk is the most caffeinated city east of the Mississippi thanks to booming coffee trade through the nearby Port of Virginia. Here’s a look at how trade drives economic development in this flourishing coffee cluster.
Corruption is one of the most costly non-tariff barriers in global trade. The trouble is, there is no one-size-fits-all solution. Tackling corruption to promote legitimate trade would have positive impacts on millions around the world. An OECD report suggests a mix of approaches.
Smoother and faster customs procedures could boost global trade volumes and economic output. Blockchain is a promising technology that, if widely adopted by shippers and customs agencies, could reduce the current mounds of paperwork and costs associated with import and export licenses, cargo and shipping documents, and customs declarations.
80 percent of all global trade is transacted through third-party lenders and cargo insurers, but the process is complex, can be costly and many banks find it too risky to support small and medium-sized enterprises (SMEs). Blockchain has the potential to increase transparency, speed and accuracy in assessing risk across the trade finance process, which in turn could expand the supply of credit available for SMEs.
There are rough waters ahead for shippers dealing with the tariff uncertainties. The prospect of tariff hikes is incentivizing companies to lock in better shipping prices now. But many retailers are competing just to find space for their goods on an ocean carrier, and the shipment surge has resulted in massive congestion at ports and warehouses.
Blockchain technologies will play an increasing role in international trade. Using blockchain to track the origins of raw materials and follow domestic and international supply chains can help meet the increasing demand for consumer information about globally produced goods, providing more transparency and accuracy about a product’s long journey to the store.
Jayme Smaldone noticed that knockoffs of his Mighty Mug were selling on e-Bay for very cheap and included free shipping. But for his company, the cost was about $6.30 to ship the same (original) mug from their New Jersey warehouse to a U.S. location, even one across the street. How could that be?
Polar caps in the Arctic are receding, creating access to new trade routes for parts of the year. The routes are valuable short cuts for global trade but the waterways are precarious to navigate with unpredictable weather, the need for specialized icebreaking ships, and the necessity to operate at slower speeds, all of which make the routes less commercially reliable and partially offset the savings in time and fuel. So why are Russia and China racing other major powers to gain control of these waterways?