With globalization, international trade grew tremendously in the 20th century using global supply chains to reduce the cost of goods and services across industries.
The proliferation of the global value chain powered industrial growth in developing countries. East Asian countries such as China, Japan and Korea accelerated their industrial development and made significant strides towards economic prosperity, thanks to globally integrated supply chains.
1. China became the world’s workshop, serving global supply chains with lower labor cost and technological capacity
2. International firms are diversifying their supply chain from China to its South-East Asian neighbors to mitigate the risk of disruption
3. The unprecedented COVID-19 pandemic exposed risks in global supply chains
4. Nations in the Middle East are developing supply chain infrastructure to reduce reliance on international partners
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