A Smaller World, After All: Technology that Makes Sense of Global Trade

Jeffrey Beisler-Snell, Ph.D.

Global trade is increasingly complex. Continued import and export growth, recent technologies and trading partners, supply chain disruptions, geopolitical tensions, interest rate uncertainty and the specter of inflation contribute to the complexity.

More recently, the global shipping industry (and broader economy) averted the consequences of a prolonged shipping disruption caused by a payment dispute that closed U.S. ports from New York to Texas for three days. CNBC coverage estimated the weekly impact of the strike could have been $4.3 billion in lost imports and exports.1

For global businesses, disruptions like these highlight the importance of supply chain management through developing new partnerships, solidifying contingency plans and managing risk associated with international business partnerships.

Use technology to help securely manage global transactions and shipments.

Supply chain challenges born out of the COVID-19 pandemic are fresh in everyone’s memories. Those lingering memories of supply chain issues, coupled with increasingly unstable political environments in several parts of the world, serve as reminders of trade disruption risks for businesses.

Technology can help minimize international trade risk and provide other benefits to global businesses.

Consider that not every company participating in the international market is located near a port. Plus, it is common for U.S.-based companies to have employees that work in other countries. Similarly, global trade partners are often in different time zones but want updates in real time. These dynamics make international trade logistics even more complex.

With the right international trade tools, companies can manage global shipments and transactions more securely and efficiently, access self-service capabilities and real-time shipment updates, and easily stay abreast of complex rules, such as global sanctions that may impact their trading abilities with specific global trade partners.

Get real-time data and analytics from your digital international trade platforms.

Banking services are critical to any business, but global trade is notably complex and communicating with banks outside the U.S. can be challenging. That is why it’s important to partner with a bank that offers the global trade tools to seamlessly conduct international transactions quickly and transparently, while helping mitigate international trade risk.

With these factors in mind, consider supporting your global transactions with a digital international trade platform. These platforms enhance efficiency and offer greater visibility into real-time data and analytics, enabling businesses to make informed international trade decisions and respond quickly to global market changes. Additionally, digital platforms often integrate advanced payment solutions, ensuring secure and timely transactions while reducing the risk of fraud.

The ability to communicate and collaborate with partners across borders in a centralized digital environment fosters stronger relationships and facilitates compliance with international regulations. Digital international trade platforms can empower businesses to expand their market reach, optimize operations, and drive growth in an increasingly interconnected global economy.

Watch a brief video to learn how international trade platforms can help your company navigate the increasingly complex world of international trade. For more information on how Synovus can help your organization reduce international trade risk, complete a short form and a Synovus International Trade Consultant will contact you with more details.  You can also stop by one of our local branches.

Jeffrey Beisler-Snell, Ph.D., is Head of International Banking at Synovus Bank