The value of global trade rose from $6.5 trillion to $17.6 trillion over the period 2000 to 2020, equivalent to a compound annual growth rate of over 5% per annum, with China’s share of global trade rising from less than 4% in 2000 to nearly 15% by 2020. The ‘golden age of globalisation’ began with China’s accession to the World Trade Organisation (WTO) in 2001, which gave the world access to one billion cheap workers. Reconnecting with domestic and regional supply chains is looking more attractive. The pandemic has demonstrated that a complex and dispersed supply chain can be disrupted, while the Russian invasion of Ukraine may, in the words of the IMF, “fundamentally alter the economic and geopolitical order” over the longer term. Now, several factors are driving a change of priorities towards resilience, rather than cost. These were previously organised to minimise costs: manufacture where labour is cheapest and maintain the minimum amount of inventory to allow goods to flow – the just-in-time inventory management method. However, the pandemic, geopolitical tensions and the increasing importance of sustainability and speed to consumers are changing the way we think about globalisation and supply chains.

Supply chains have been the lifelines of globalisation, delivering lower costs and higher efficiencies to manufacturing, and gains to businesses and individuals across the world. Voluptate delectusįacilis atque, expedita beatae mollitia harum cum, itaque temporibus animi aliquid accusamus Lorem ipsum dolor sit amet, consectetur adipisicing elit.

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