PROSPER MAGAZINE: DIGITAL EDITION
INTERNATIONAL TRADE AMIDST A GLOBAL PANDEMIC…
Over the years we have experienced incredible changes in every industry and area of society. International trade is no exception.
Over the last two centuries trade has grown remarkably, completely transforming the global economy. Today about one-fourth of total global production is exported.
The way that business is done on a global level is now faster, more efficient, more reliable, and simply better.
The combination of transportation, technological, geopolitical and other advances have made it more practical and efficient than ever before to conduct international business.
But the world now faces a global pandemic, the likes of which we have never experienced, and earlier this month the OECD (Organisation for Economic Co-operation and Development) reported that despite a general easing of lockdown measures across the world, international trade remained close to COVID-19 lows in May.
Whilst tentative signs of recovery are appearing in some economies, particularly Asia and to a lesser extent in Europe, international trade continues to contract in the Americas.
Preliminary data for June confirms that any recovery remains fragile and susceptible to setbacks in containing the pandemic.
So, this year, just as the summer holidays are upon us, the COVID crisis has closed borders, travel restrictions have been put into place, and further Brexit-based discussions are around every corner, businesses across the country, and around the globe, are faced with tough decisions. And as the region’s manufacturers and supply chain firms return to work, many now seek new markets and opportunities to trade and sell their products and services oversees.
With the UK Government negotiating free trade deals with the likes of the US, Australia and Japan, in this month’s edition of Prosper we meet the Black Country team of international trade advisors from the DIT whose job it is to help businesses navigate their way around the rules and regulations of international trade.
We take a look at the bounce-back plans and strategies in place to help companies survive in markets across the world, meet the Black Country-based companies who have expanded and continue to thrive thanks to the help of our DIT trade experts and introduce you to their counterparts in embassies across the world.
In this edition, we also ask how we can make R & D work for the whole of the UK and ask ‘where is the missing £4 billion from a Government committed to levelling up?
We explore manufacturing in light of the pandemic, supply chains and freight forwarding, provide advice on implementing employee contract changes and tell the story of how one mom’s brew of chicken legs and pigs’ trotters has led to a £10 million business in just three years.
West Midlands Mayor, Andy Street tells how innovation and investment can power the Black Country economy and there are celebrations as the Black Country is declared a UNESCO Global GeosPark.
Enjoy this edition
Sarah Thompson Press, PR & Communications Officer
Black Country Chamber of Commerce