{"id":87721,"date":"2024-06-18T13:55:28","date_gmt":"2024-06-18T17:55:28","guid":{"rendered":""},"modified":"2024-11-29T17:50:10","modified_gmt":"2024-11-29T22:50:10","slug":"navigating-choppy-waters-how-businesses-are-changing-course-amidst-global-trade-challenges","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/navigating-choppy-waters-how-businesses-are-changing-course-amidst-global-trade-challenges\/","title":{"rendered":"Navigating choppy waters: how businesses are changing course amidst global trade challenges"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-insights\/\">\n\t\t\t\t\t\t\t<span>Commercial Insights<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Navigating choppy waters: how businesses are changing course amidst global trade challenges<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Stephanie Gilman<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"575\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/iStock-962383496-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Cargo ship in import export and business logistic, Logistic and transportation of International Container Cargo ship in the open sea.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/iStock-962383496-1.jpg 3992w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/iStock-962383496-1.jpg?resize=300,168 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/iStock-962383496-1.jpg?resize=768,431 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/iStock-962383496-1.jpg?resize=1024,575 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/iStock-962383496-1.jpg?resize=1536,863 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/iStock-962383496-1.jpg?resize=2048,1150 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Navigating choppy waters: how businesses are changing course amidst global trade challenges &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/navigating-choppy-waters-how-businesses-are-changing-course-amidst-global-trade-challenges\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/navigating-choppy-waters-how-businesses-are-changing-course-amidst-global-trade-challenges\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published June 18, 2024 \u2022 7 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p><strong>While recent events in the Red Sea have caused temporary setbacks, the bigger picture reveals a combination of factors contributing to challenges for international trade. Read on to discover actionable strategies for mitigating risks and staying resilient through turbulent times.<\/strong><\/p>\n\n\n\n<p>Much like the unpredictable nature of a journey at sea, businesses of all sizes are striving to keep their cargo afloat as they navigate the complexities of today\u2019s global shipping landscape. While recent events in the Red Sea have caused temporary setbacks, the bigger picture reveals a combination of factors contributing to challenges for international trade. With that, we\u2019ve tapped into our network of RBC clients including Christian Siviere from X and Phil Hsieh from East Mountain Forest Products for their thoughts on mitigating risks and staying resilient through these turbulent times.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Disruptions at sea: separating facts and fears<\/h2>\n\n\n\n<p>With the attacks by Houthi rebels in the Red Sea forcing cargo ships to reroute and endure a lengthy\u2014and costly\u2014detour, businesses are faced with disruptions to their supply chains.&nbsp;With around 15% of world trade and 30% of global container traffic typically passing through the Suez Canal, these disruptions go beyond mere inconveniences, affecting global trade on a significant scale.<\/p>\n\n\n\n<p>&#8220;Everyone&#8217;s impacted by the Red Sea crisis \u2014 we&#8217;re literally all in the same boat,&#8221; says Christian Siviere, a seasoned international trade consultant. &#8220;We\u2019ve seen the same issues as during the pandemic when prices went through the roof and shipping slowed down.\u201d<\/p>\n\n\n\n<p>But Siviere says increased freight prices aren&#8217;t necessarily a direct effect of the Red Sea crisis.<\/p>\n\n\n\n<p>&#8220;Except for the first few months, there hasn&#8217;t been a huge impact from the Red Sea crisis on shipping,\u201d he continues. \u201cThings have mostly evened themselves out. If prices are going up now, it&#8217;s because of speculation or anticipation of the peak season coming up.&#8221;<\/p>\n\n\n\n<p>Siviere adds that the highly deregulated environment of ocean shipping means that prices are difficult to predict. &#8220;It\u2019s not an exact science, and there\u2019s no fair price,&#8221; he says. &#8220;One day a shipping container is $1,000, the next day it&#8217;s $10,000.\u201d<\/p>\n\n\n\n<p>In the case of the Red Sea crisis, which prompted ships to detour via longer routes around South Africa, insurance premiums and shipping rates temporarily surged. However, he stresses that such fluctuations are common. \u201cThese effects from global events don&#8217;t last very long because we deal with a market with huge swings based on supply and demand,\u201d he says.<\/p>\n\n\n\n<p>For Phil Hsieh, the managing director of East Mountain Forest Products \u2014 a company that imports and exports forest products and building supplies \u2014 the Red Sea crisis is merely one of many hurdles that trade partners have had to overcome.<\/p>\n\n\n\n<p>&#8220;Things like this happen all the time, but people didn\u2019t know about them in the past because mainstream media didn\u2019t cover it,\u201d he says. \u201cBack then, information didn&#8217;t travel so fast, so your margin could protect your business from this type of turmoil. Now with news spreading almost instantly, not only do businesses start worrying, but the general public does too.\u201d<\/p>\n\n\n\n<p>Hsieh says that this swift spread of information has a type of ripple effect, with shipping companies preemptively increasing their fees to mitigate risk and uncertainty. And while his company doesn&#8217;t heavily rely on the affected route, the repercussions are felt across the logistics sector. He explains that when other businesses seek alternative routes, it can increase demand in the countries he imports from, potentially resulting in price hikes from suppliers.<\/p>\n\n\n\n<p>\u201cI may have to pay a premium price, and then our customer might find somewhere that\u2019s cheaper. So it throws the supply chain completely off whack.&#8221; But he reiterates that such disruptions are cyclical and not uncommon. &#8220;This happens every three or four years. It&#8217;s not unusual,&#8221; he says.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a><\/a>Weathering the storm: strategies for trade businesses<\/h2>\n\n\n\n<p>Despite the challenges trade businesses are facing, companies can find ways to maintain their operations. Here are some key strategies:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Anticipate and prepare<\/h3>\n\n\n\n<p>Siviere says small and medium-sized businesses should anticipate shipping obstacles and prepare accordingly. He advises his clients to build up their inventory and develop a local or regional supply chain if possible.<\/p>\n\n\n\n<p>Hsieh echoes this advice, noting that if his customers have enough inventory to last them through periods of inflation, then they can ride it out. \u201cIf they don\u2019t have that surplus of inventory, then the hard part comes,\u201d he says, \u201cbecause if you&#8217;re not willing to pay for the freight, you\u2019re going to have empty shelves.\u201d Having excess inventory provides a buffer for delays or disruptions in the supply chain, so businesses can ensure that they can continue to meet customer demand.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Diversify your network<\/h3>\n\n\n\n<p>Another tactic to survive shipping disruptions is to diversify the geographic flow of goods to create a more resilient supply chain. Having multiple sources of supply reduces the chance of a single disruption causing a complete halt in business.<\/p>\n\n\n\n<p>\u201cIf you have a big shipment coming up, consider splitting it into two shipments and use two different routes,\u201d Siviere says. He notes that this strategy may increase costs initially, but can help ensure your business can maintain operations.<\/p>\n\n\n\n<p>For Hsieh, his company uses suppliers from different countries, which protects them from relying on a single route for their shipping needs. He\u2019ll also adapt operations according to changing market conditions.<\/p>\n\n\n\n<p>\u201cWe import and export simultaneously, so we always have shipments flowing both ways,\u201d he adds. \u201cSo when we see something like what\u2019s happening in the Red Sea, we\u2019ll switch to doing more exporting to Asia or Europe. It always balances out.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Keep the lines of communication open<\/h3>\n\n\n\n<p>For importers and exporters, having an ongoing dialogue with suppliers and customers about potential price changes and supply chain issues can build trust and foster collaboration.<\/p>\n\n\n\n<p>Hsieh says that his company knows firsthand the critical need for urgent and honest communication, recalling lessons learned from the early days of the pandemic.<\/p>\n\n\n\n<p>&nbsp;&#8220;We didn&#8217;t react fast enough then, so we know now to give our distributors and customers the heads up that prices may increase,\u201d he says. \u201cOur customers might know the news even faster than we do, so there&#8217;s no point in trying to gloss over a situation like the Red Sea crisis. We have to be transparent and work as partners with our customers and suppliers.&#8221;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Track your course<\/h3>\n\n\n\n<p>Siviere also emphasizes the importance of developing strong relationships with your supply chain network, particularly so businesses can have a solid handle on the status of their shipments.<\/p>\n\n\n\n<p>&#8220;Logistics isn&#8217;t something you can leave to chance or just improvise,&#8221; he says. &#8220;You have to get more involved and know your vendors and shipping partners and have good relationships, so you have that flow of information.\u201d<\/p>\n\n\n\n<p>Additionally, he says it\u2019s critical to have a reliable system for tracking your goods so you know where your inventory is at all times.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">An industry in transition<\/h2>\n\n\n\n<p>Apart from the current situation in the Red Sea, the global shipping landscape is undergoing a significant transformation. Siviere notes that new labour laws and regulations, as well as international trade sanctions, are adding more layers of complexity for businesses, especially SMEs.<\/p>\n\n\n\n<p>&#8220;These policies serve an important purpose, but they present challenges to companies that now have new regulations and reporting obligations to follow,\u201d Siviere says. \u201cThe smaller your company, the harder it is to adapt to all these new rules because you don&#8217;t have the same resources as larger enterprises.\u201d<\/p>\n\n\n\n<p>Siviere says he sympathizes with new entrepreneurs who want to launch a business while navigating the many technicalities in place.<\/p>\n\n\n\n<p>\u201cIt\u2019s quite tricky for companies right now, and it requires more preparation,\u201d he says.<\/p>\n\n\n\n<p>Despite the challenges of global trade, there are opportunities for businesses to adapt and thrive. By staying informed, fostering agility, and leveraging available resources, trading companies can wade through these complexities with resilience and strategic planning.<\/p>\n\n\n\n<div class=\"wp-block-group mar-b-hlf has-light-grey-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>Our international trade specialists can help you navigate your expansion so you can Go Global with confidence.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/business\/international-trade\/index.html\" data-dig-id=\"LP-87721-316e0680\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn more\" class=\"rbc-link-format\">Learn more<\/a>&nbsp;about we can help you grow your business outside Canada.<\/p>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-ba40dac0-677c-4790-9185-badc58c4a63c\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Navigating choppy waters: how businesses are changing course amidst global trade challenges &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/navigating-choppy-waters-how-businesses-are-changing-course-amidst-global-trade-challenges\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/commercial\/navigating-choppy-waters-how-businesses-are-changing-course-amidst-global-trade-challenges\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-827366ed-15d1-4a7a-9cd3-fb649062f994\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/commercial-insights\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Commercial Insights<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/supply-chain\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Supply Chain<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/A-pile-of-clothes-and-textiles-ready-for-sortation.-Image-courtesy-of-Debrand.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A pile of clothes and textiles ready for sortation. 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https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/national-call-image.jpg?resize=2048,1291 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/get-inspired\/innovation\/\">\n\t\t\t\t\t\tInnovation\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/get-inspired\/innovation\/how-three-canadian-businesses-are-translating-environmental-sustainability-into-tangible-business-outcomes\/\" class=\"card-title h4 mar-t-0\">How Three Canadian Businesses are Translating Environmental Sustainability into Tangible Business Outcomes<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-ba40dac0-677c-4790-9185-badc58c4a63c {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-ba40dac0-677c-4790-9185-badc58c4a63c {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-827366ed-15d1-4a7a-9cd3-fb649062f994 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-827366ed-15d1-4a7a-9cd3-fb649062f994 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>While recent events in the Red Sea have caused temporary setbacks, the bigger picture reveals a combination of factors contributing to challenges for international 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