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Foreign trade operations act as a vital engine for the economic growth of our country, and like any other industry, each year brings new dynamics and challenges.
In this blog, we will examine the trends that will shape the landscape of international trade in 2024.
Digitalization
Digitalization and e-commerce will continue to be key drivers in international trade. For this year, the adoption of technologies such as artificial intelligence, blockchain, and the Internet of Things (IoT) is expected to further enhance efficiency in all operations.
Sustainability
Environmental and social awareness has ceased to be trends and has become serious concerns for both companies and consumers who are increasingly demanding on these issues.
When companies adopt sustainable and fair business practices, they not only meet consumer expectations but also pave the way to markets that value corporate social responsibility.
Resilient Supply Chains
Having gone through a global pandemic, the importance of having robust and flexible supply chains has become evident for companies.
Hence, there is a need to diversify suppliers as well as invest in technologies that improve visibility and management of supply chains.
Evolution of Customs Regulations
Customs regulations and trade tariffs are constantly changing, and it is the obligation of companies to stay alert to these updates and adjustments in trade policies, as this can affect the costs and logistics of their international operations.
Since this is a task that requires a lot of attention, many companies choose to hire a customs agency to handle these activities. Evaluate if this is your case.
Geopolitical Changes and New Trade Alliances
Last year, the world witnessed significant geopolitical tensions as well as the emergence of new trade alliances that had a major impact on the global landscape of foreign trade.
For 2024, reassessments of traditional trade relationships are also anticipated to pave the way for new alliances and bilateral agreements.
Growth of the Asian Market
Despite geopolitical tensions, Asia remains a key region for international trade.
In 2024, economic growth in countries such as China and India is expected to further boost the demand for goods and services, thus presenting significant opportunities for companies seeking to expand in these markets.
Consolidation of the US Market
The proximity to the US market has always seemed like a double-edged sword that has recently worked in favor of our country, driving Mexican companies to seek expansion into other markets.
This is especially due to the sense of trust and stability in the markets, as well as the competitiveness of the peso and the use of alternative sources of liquidity to explore new international business.
What other global trade trend would you add?
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