01 March 2024 Dun and Bradstreet
Continuing Evolution of Trade Patterns
The COVID-19 pandemic had a significant impact on supply chains due to lockdowns. Changes in consumer behavior almost destroyed the demand for certain products and services, and remote work trends became more widespread. The incidents currently happening in the Red Sea are contributing to disruptions in supply chains and causing Asia-Pacific exporters to shift towards new markets for goods shipped to Europe and the Middle East. The following countries have experienced a decrease in exports to Israel and other Middle Eastern countries:
The goods most impacted by the reduction in shipments from Asia-Pacific exports over the same periods of time are as follows:
Changing Trade Routes and a New Normal
By using D&B Shipping Insights to assess whether there is a shift in markets by the countries mentioned above, interesting aspects of global trade are starting to emerge regarding the listed products. Taking an approach that examines the number of shipments over the past 24 months (ending December 2023) to alternative markets, the following exceed the average shipments of the listed products from Asia-Pacific exporters.
China has increased their exports to Brazil and Australia above and beyond historical rates.
Indonesia is wasting no time by increasing shipments to China and Malaysia.
The UAE is taking advantage of markets in the United States, South Africa, and Australia.
Taiwan has bolstered exports to Bangladesh, Japan, Mexico, and India.
Thailand has focused on the United States and China for alternatives.
Japan’s increased shipments above and beyond historical rates rests on Thailand’s willingness to increase dependence.
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