国際貿易

How BCG Helps Companies Adapt to the New Normal of Trade

Taking a “wait-and-see approach” will not lead to an advantaged position for firms and governments. We help clients identify and implement a clear set of proactive moves to mitigate risk and seize competitive advantage as the international trade environment evolves:

1. Assess exposure. The first step for a company to take is a hard, analytic look at their manufacturing, supply, and distribution footprints to assess their exposure to changes in trade rules. Quantify the potential impact on revenues, costs, and production assets throughout the value chain.
2. Understand dynamics. Abrupt trade policy changes can shift the entire competitive landscape in different ways for different companies. Determine the strategic implications of new trade rules for each product in specific markets, such as their price competitiveness and market access. Also assess the exposure of each competitor and its suppliers to understand the relative impact and identify potential opportunities.
3. Identify potential levers. Develop a set of all potential actions that can be taken in response to trade policy changes under different scenarios in order to both mitigate risk and gain competitive advantage. Identify proactive as well as reactive actions, as well as triggers that indicate when to pull these levers.
4. Build resilience. Identify no-regret moves that can be taken preemptively at little cost, such as prequalifying new suppliers, in order to create options and flexibility to move quickly in case of a sudden change in international trade rules.
5. Create a playbook. Develop a set of actions to be taken under different scenarios, and make sure leadership is aligned on which moves to make in certain circumstances.
6. Shape policy. While there is still time, seek to influence policy while it is being made in order to create a competitive advantage.

The Trends Transforming International Trade Policy

To stay ahead, it is important to understand the megatrends that are transforming international trade. The following changes are not just driving headlines in the business press—they are affecting real companies in a very significant way:

1. 経済ナショナリズムが台頭しています。政治的左派と右派の両側で、反グローバリゼーションの動きが高まり、ブレグジット、貿易摩擦に加え、NAFTAや環太平洋パートナーシップ協定などの、多国籍間合意の再交渉や合意からの離脱を引き起こしています。
2. 国家資本主義が拡大しています。特に中国においては、国営企業のグローバル拠点が成長していますが、本国市場では保護されたままです。
3. サプライチェーンは、さらに現地化しています。オートメーションや、柔軟性を増す インダストリー4.0による高度製造システムによって、顧客に近い場所での生産がより経済的で実際的になる一方、長距離の グローバルサプライチェーンに対するニーズが低下しています。
4. デジタル経済が物理経済にとって代わりつつあります。クロスボーダー商取引の成長率は鈍化しましたが、 デジタルプラットフォームを介したサービスと付加価値ソリューションの国際取引は拡大しています。

One medical equipment maker was relieved at first when South Korea had negotiated an exemption from 25% US tariffs on steel; it was using specialty Korean steel in one of its devices. That all changed when significant supply-chain disruption set in and the firm realized that its supplier did not receive a quota allocation, and that it could not import this essential component at any price until the next quota allocation was granted three months later.

Also, a prominent Turkish white goods player was able to seize a significant market opportunity in the US when a large Chinese player was hit with US Tariffs on China.

Some may still argue that these examples are the results of specific political leaders in specific countries, and that once those leaders are gone, these sorts of problems will disappear. However, while the current political tensions around trade in many parts of the world may evolve, the four megatrends mentioned above will ensure that the international trading system will not return to the broad trend of trade liberalization and economic globalization that the world saw in the 1990s and 2000s.