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Political instability in trading partner countries can lead to disruptions in the supply of chemicals (oil) between countries. The global market can be affected by political instability in a number of ways. For example, if a country experiences political instability, foreign investors may be reluctant to invest in that country. This can lead to a decrease in the amount of capital available to the country, which can in turn lead to a decrease in economic growth. Additionally, political instability can lead to an increase in the price of risk, which can make it more difficult for a country to obtain financing (Van de Graaf et al., 2020). Financial crises caused by the political turbulence make it harder for firms to get financial capital for investment. All of these factors will negatively impact a country’s economy (Campbell, 2021). These contacts help the countries anticipate market movements and prepare for any changes that may affect business relations with our partners.
The outbreak of a pandemic, like Covid- 19 in a trading partner country, can lead to a decrease in demand for exports of chemicals (oil) and make it extremely challenging for the firm to sell its products. Covid-19 has already affected countries that are major players in global chemical production, causing prices to fall and turnkey contracts with these countries to be canceled (Maliszewska et al., 2020). A pandemic can cause widespread panic and a decrease in consumer confidence, leading to a decrease in demand for goods and services. This can lead to a decrease in production and a decrease in jobs, leading to a decrease in income and an increase in poverty. A pandemic can also lead to an increase in the price of goods and services, as well as a decrease in the availability of goods and services.
Changes in government regulations in trading partner countries can make it challenging for companies to track, manage and report on their supply chain activities. They can also lead to disruptions in the supply of goods and materials. For example, if a trading partner country were to enact new tariffs on imported goods, this could lead to a decrease in demand for those goods and disruptions in the supply chain. They are diversifying suppliers to reduce reliance on any one country. Diversification of suppliers is a crucial part of supply chain risk management, but it’s also essential for businesses looking to boost performance and create sustainable growth (Mladenov, 2021). By sourcing from multiple countries, suppliers and manufacturers can improve their productivity and lower costs through competition between each other.
Economic recessions in key trade partners can reduce export demand and make it harder to forecast future trends. For example, if a significant trading partner country were to enter a recession, this could decrease demand for the goods and services than it exports. It could be challenging to predict future direction, as businesses and consumers alike would be less likely to make purchases during a recession (Klauza et al., 2021). It is diversifying export markets to reduce reliance on any one country. Diversification of trading partners is an essential strategy for reducing risk, and supply chains are critical. The establishment of export promotion agencies in each country is an effective way of reducing potential risks.
Natural disasters in trading partner countries can disrupt the supply of goods and materials and lead to a decrease in demand for exports. For example, suppose a trading partner country were to experience a hurricane (Abdulkader et al., 2020). This could lead to disruptions in the supply of goods and materials and a decrease in demand for exports (Bernes et al., 2020). Maintain close communication with the suppliers to stay up to date with the conditions in their countries and ensure that countries can provide safe products for our customers.
Inbound logistics refers to the process of bringing goods and supplies into a firm, whilst outbound logistics refers to the process of exporting finished items out of a company. Several potential problems can arise when exploiting these functions, including Inventory management issues: If a company is not keeping track of its inbound and outbound shipments, it can quickly become overwhelmed with an inventory. This can lead to problems, including wasted resources, missed deadlines, and frustrated customers.
Other possible problems that exploit inbound logistics and outbound logistics include transportation problems: Another common issue is transportation problems. This can include everything from delays in shipping to lost or damaged goods (Hashemi et al., 2018). Transportation problems can often be traced back to inbound or outbound logistics issues, so it is crucial to ensure these processes are running smoothly (Marques et al., 2020). Customer service issues: If customers are not receiving their orders on time or are not satisfied with the quality of the products they receive, this can reflect poorly on the company. Inbound and outbound logistics play a significant role in customer service, so it is vital to ensure these processes are running smoothly.
In conclusion, the worldwide scenario causes many scheduling and trade issues. Political instability in countries, natural disasters that might harm infrastructure, and other issues are among them. Changes in demand as a result of global concern, as well as a scarcity of shipping containers, which can cause delays in obtaining goods from suppliers. Maintain close contact with the country’s clients and suppliers to be informed about conditions in other countries. Outbound logistics refers to the process of exporting completed items from a firm, whereas inbound logistics refers to the process of delivering goods and supplies into a company.
References
Van de Graaf, T., Overland, I., Scholten, D., & Westphal, K. (2020). The new oil? The geopolitics and international governance of hydrogen. Energy Research & Social Science, 70, 101667.
Maliszewska, M., Mattoo, A., & Van Der Mensbrugghe, D. (2020). The potential impact of COVID-19 on GDP and trade: A preliminary assessment. World Bank Policy Research Working Paper, (9211).
Marques, A., Soares, R., Santos, M. J., & Amorim, P. (2020). Integrated planning of inbound and outbound logistics with a Rich Vehicle Routing Problem with backhauls. Omega, 92, 102172.
Hashemi, S. H., & Kamps, J. (2018). Exploiting behavioral user models for point of interest recommendation in smart museums. New Review of Hypermedia and Multimedia, 24(3), 228-261.
Abdulkader, B., Magni, D., Cillo, V., Papa, A., & Micera, R. (2020). Aligning firm’s value system and open innovation: a new framework of business process management beyond the business model innovation. Business Process Management Journal.
Klauza, E. I., & Heggen, A. T. (2021). Global Value Chains In a New Global Reality: Analytical Issues and Empirical Illustrations (Master’s thesis, Handelshøyskolen BI).
Bernes, T., Brozus, L., Hatuel-Radoshitzky, M., Heistein, A., Greco, E., Sasnal, P.,… & Caballero-Anthony, M. (2020). Challenges of Global Governance Amidst the COVID-19 Pandemic.
Mladenov, N. S. (2021). Global COVID-19 Crisis, the Biden Era—A Post-Trump World?. In China’s Rise to Power in the Global Order (pp. 391-465). Palgrave Macmillan, Cham.
Scholte, J. A. (2017). Globalization: A critical introduction. Bloomsbury Publishing.
Campbell, J. L. (2021). Institutional change and globalization. In Institutional Change and Globalization. Princeton University Press.
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