The second half of 2023 has ushered in a turbulent period of geopolitical and economic events that have thrust the modern importer/exporter’s supply chain into upheaval. Between several major elections, political unrest in Bangladesh (of which the UK accounts for 10% of apparel exports), and the persistent Red Sea Crisis- international trade policy and manufacturing continue to face uncertainty and disruption. S&P Global even reports as of early August that this is leading to a further reduction in international trade, as manufacturing export orders continue to decline.

Additionally, the introduction of several regulatory changes within the EU ensures that traders must also be aware of such updates. We can see this with the new obligations introduced due to the Carbon Border Adjustment Mechanism (CBAM) transitional period which began on October 1st 2023. The arrival of a Labour government this past July in the United Kingdom also indicates that the adoption of CBAM may occur sooner, rather than later, for the EU’s neighbours across the Channel. Further cooperation is expected and welcomed bilaterally, as there seems to be a carefully positive outlook for the future of the EU-UK trade relationship post-Brexit. Customs agencies in both the UK and EU are constantly updating and revising their associated legislation and compliance regulations to uphold the highest trading standards.

Between staying aware of supply chain disruptions and ever-changing regulatory updates, traders can have a lot on their plates in addition to running a business. One solution that can provide both stability and regulatory expertise is a consolidated brokerage. A unitary broker provides a steadfast and consistent source of knowledge that can prove to be invaluable in a chaotic market, allowing traders to feel secure amidst other uncertainties. Having a dedicated broker who knows all commodities and trade lanes can be relied upon to act quickly and with the utmost compliance.

Flexport can provide this solution in tandem with our revolutionary supply chain technology; ensuring access to real-time data and expert knowledge all in one place. To begin optimising your supply chain by centralising your brokerage, please do not hesitate to get in touch with a Flexport representative today.