The transformation of Canada’s import and export one year after the pandemic.

Vancouver’s leader in trucking and warehousing looks at the transformation of Canada’s import and export one year after the pandemic. 

The pandemic has changed the way businesses work from the local mom-and-pop shops to companies focused on global economies of scale. After the initial shock of living scenes we thought were only seen in movies, entrepreneurs moved swiftly to adapt to new ways of doing business. Although our global economies may still revolve around the same basic model of supply and demand and solid transportation channels built decades ago, Canadian imports and exports and the way business is conducted have been transformed forever since last year.

Supply Chain Vulnerability

As everything came to an abrupt halt at the beginning of the pandemic, many businesses were scrambling to fill orders as sales began to ramp up. According to Statistics Canada, Canada recorded a $49.8 billion in imported goods and $9.3 billion in export of services in the month of January 2021 and saw a considerable trade increase. 

Canadian businesses of all sizes were extremely vulnerable to the disruption of the global supply chains during the pandemic. Going forward, companies should look into diversifying their supply chains, re-examining their inventory strategies, and having a backup plan in place in order to help mitigate unforeseen risks. 

Shift into E-Commerce

Companies that didn’t have their e-commerce platform set up prior to March 2020 would have missed out on sales opportunities when their in-store traffic was reduced to zero. Those who had already begun their transition to an online platform were less affected. 

Most businesses agree that online sales are a top priority going forward as the shift to online shopping has transitioned from a necessity to a preferred choice for many consumers. This trend has resulted in companies being able to expand their markets beyond the borders. 

Businesses looking to further expand their online presence should plan thoroughly in the following areas:

• Packing, Shipping, and Returns
• Best Route of Transport (air, ocean, rail, truck – LTL trucking) 
• Web Developer Salaries
• Marketing Costs
• Online Payment and Licensing Fees

Staying on Top of the Policies

Businesses are always constantly adapting and those that go above and beyond and make innovation a priority will see greater success, especially in the face of uncertainty. As governments grapple with vaccine rollout while balancing restrictions with economic welfare, protectionist reactions and trade tensions from major trading partners may throw Canadian businesses into a loop. 

Staying vigilant and preparing for changes in regulations, exchange rates, political risks, and other relevant issues will help companies deal with the costs associated with these fluctuations. 

Here on the home front, the CBSA Assessment and Revenue Management project (CARM) was first released in 2020. This program requires importers to register directly with the CBSA rather than go through a customs agency. Importers, previously able to have shipments released and not pay taxes at the time of import due to their customs broker’s bond, now have to be bonded themselves and this process may be lengthy.

Challenges are often the perfect opportunity for growth. Be ready to reap the rewards that come with the reopening of the global economy! As a leader in trucking and warehousing in BC for over three decades, our priority is to stay on top of the changes that affect our economy and our clients! 
Whether you are expanding your market at home or beyond our borders, our full fleet of 250 trailers, extensive range of trucks, LTL/FTL services, sufferance warehouse, and authorized access to all major ports and rails in Metro Vancouver will be here to help you every step of the way. Contact us today at (604)-276-9044 or info@sandhartrucking.com.