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Challenge: Single-country sourcing Question: Effect of "Single-country sourcing" on Australian trade in the context of Covid-19...

Challenge: Single-country sourcing

Question: Effect of "Single-country sourcing" on Australian trade in the context of Covid-19 (500-550 words)

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The Covid-19 pandemic challenges the single sourcing and single supply chains of a country.The countries all over the world that depends on lower supply chains are facing threat due to lower availability of raw materials, and decline in supply chain.
Australia depends heavily on raw material and finished products from China. The Covid 19 pandemic hard hits China and subsequent political and economic restrictions and tension, because of China's mishandling of pandemic. The Chinese products almost lost confidence all over world, many MNCs and OECD nations began to think beyond China. Australian production declines and trade shrinks because of limited supply chains.
The single sourcing from low cost countries as in the case of Australia results volatile foreign currency, reduction in quality standards, decline in productions causes fall in employment.
The Australian government now adopt a policy of multiple supply chains and moving towards other Asian low cost countries like Indonesia, Vietnam, Cambodia , Bangladesh, India and several Latin American Countries.

The economic policies of countries are drastically changing after the pandemic. The Australian government introduced several economic policies to restore the trade and extended ties with several other countries for multiple supply chain. The threat of decline in productivity due to supply chain problems along with higher government expenditure in the wake of Covid-19propelled the country to think beyond the traditional lines. The country began to engage relations with other low cost trading countries so as to insulate from bad economic situations.
Australian manufactured faced several problems due to decline in supply chain transactions. It was a newer experience for the island country. The international financial transactions will be strengthening when multiple supply chains are there for a country. The Australian prime minister called for a stabilization program that aimed to maintain a sustained growth by incorporating various supply chains keeping the growth targets live.

The COVID-19 crisis spotted the fragility and weakness of Australian supply chains and also access to health care equipment and related resources. The country was vulnerable to unexpected shocks in supply chains that results from panic buying and the prolonged pandemic related restrictions and lockdown all over the country. In Australia, the demand was always for products and services with the fast changing and trend setting consumer behavior.
The one of the main problem of the country is that workforce in supply chain, logistics and other distribution networks are ageing. There is an urgent need to build resilience and changes in logistic and supply chain work forces.
As a reaction to pandemic, closing large and main parts of countries transactions, the interdependence and complementarily of economies has created high level of disruptions to the supply chains.
Australia is basically an import oriented and depends largely on the global supply chain, and those products faces limits and restrictions in terms of quality, time and cost during the time of Covid-19 pandemic.
The country should adopt more in terms of strategies and planning at the local and national levels to implement, create, design and categorize our supply chains in order to prevent economy in future.


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