A man waving the Egyptian flag after Panama-flagged MV ‘Ever Given’ container ship was fully dislodged from the banks of the Suez, March 29, 2021. — Suez Canal Authority handout pic via AFPPARIS, March 30 — A virus visible through only the most powerful microscopes and a huge container ship stuck in the Suez canal visible from space highlight how fragile the “just-in-time” global trade system can be.
But it has a potentially key weakness — it only needs one link to break and the whole supply chain quickly comes to a halt. “It is not that we have things from all over the world, it’s that they arrive the day that you need it,” Goldin said.The coronavirus pandemic had already forced companies to think about their supply chains given the massive disruption caused, especially early last year.
Resilience is now the watchword, having more than one supplier and then closer to home base so as to minimise the impact of lockdowns and restrictions imposed to curb the virus. Governments have learned the lesson from early shortages of medical equipment whose manufacture had been moved almost entirely offshore, mostly to China and Asia to take advantage of cheaper labour there.
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