The problem is pushing companies to consider a “just in case” supply chain to augment the “just in time” model.
That had served the world in the past 4 Decades.
This is particularly the case for producers of essential goods such as food and medical devices,
while the pandemic is destroying lives and livelihood.
Global trade has gradually declined since the global financial crisis.
The average annual growth in volumes dropped to 2 percent between 2013 and 2019,
well below the 5.9 percent average from 2001 to 2007.
The significance of supply chains within global trade has also diminished, according to Standard Chartered Bank.
China accounts for more than half the global supply chains of several manufacturing products, including precision instruments, cars, communications equipment, and machinery products
according to a report citing an analysis by The United Nations Conference on Trade and Development.
However, industry players and supply chain experts say the shifting of the supply chain model is more likely to occur in the manufacturing of essential goods,
such as food and medical devices.
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