A severe water shortage in Panama is affecting the capacity of the Panama Canal and causing growing concern in global trade. The low volume of water from rivers has led to massive congestion at both canal entrances, with the number of waiting ships increasing daily.
No supply chain is 100% crisis-proof. This is demonstrated by the consequences of the conflict between Russia and Ukraine. In February 2022, the political situation between the two countries had escalated to such an extent that Russia invaded Ukraine militarily. This is currently causing not only terrible humanitarian problems, but also economic consequences that are being felt in Europe and the United States, among other places. More and more global supply chains are in danger of collapsing, both because of the military-related loss of Ukrainian business partners and because of international sanctions against Russia and Russian companies.
Networking is playing an increasingly important role in world trade. To stay on top of these dynamic developments and identify opportunities, it is important to monitor import, export and shipping trends. You can gain knowledge from a variety of sources, but trade data analysis is the key tool to make the right decisions.
Unexpected challenges can hit global trade at any time. This was proven once again by the “Ever Given” accident. Since Tuesday night, the container ship has been blocking the Suez Canal and thus one of the world's most important trade routes. Already strained supply chains are further strained, while an end to the blockade is not in sight.
The past year has shown what unexpected challenges can suddenly strike the global economy and entrepreneurs. In the beginning crisis management was the main reaction. Although many companies were able to keep up their supply chains, their revenue suffered major losses. At this point strategic knowledge through trade data and innovative business intelligence offer a way out of this crises.