After witnessing already an in-active and slow-moving trade in 2019, the worldwide businesses and governments were expecting a smooth and accelerated recovery in 2020. But all their high expectations and market optimism were crushed by the outbreak of the Covid-19 pandemic. The year has registered itself as the most historic period when the global pandemic Covid-19 hit the worldwide trade & economy.
The international trade transactions among importers & exporters as well as the logistic industry experienced various significant changes amid the second wave of Covid-19. Not only the pandemic led to a noticeable change in the global demand, but it also accelerated the favorable shift towards digital transformation for worldwide businesses. It has been a couple of months into 2021, various businessmen have already started using a plethora of digital tools to ensure their survival amid Covid-19. They are also transforming the way of trading. For example, several small owners have set up their e-commerce business within a short period to assure an ongoing selling of their products & services online instead of in-person.
The supply chain also got influenced by the effect of a global pandemic such as warehouse labor diminished that caused a slow pace of container turnaround, resulting in blocked ports particularly in Asia, Europe, and the US.
