For heavily trade-dependent locales like South Florida, COVID-19 has been devastating. The state’s $154 billion in merchandise trade (along with $86 billion in tourism) will quickly become relics of the past. Our major trading partners in Latin America and the Caribbean have yet to feel the brunt of the Coronavirus but are expected to see regional GDP contract by nearly 2%, although that is a conservative estimate.

In terms of a post-COVID19 trade environment, we must heed the lessons of the current debacle—the most important being that just as a supply chain is the lifeblood humanitarian assistance, so it is for trade and commerce. Going forward, it behooves every company in the supply chain process, from manufacturer through distributor, to objectively evaluate possible vulnerabilities in their systems and procedures—including in the remote possibility of a “black swan” event like COVID19.

Additionally, “resilience,” “flexibility,” and “agility” are meaningless buzzwords if they are not incorporated in a firm’s business strategy. The continuous assessment and response to risk, incorporated into an integrated and transparent digital supply chain system, is essential in global supply chain management. Finally, producers and distributors would do well to rethink the cost-benefit calculus of inventory management. Having more than sufficient finished goods and/or parts in stock may increase carrying charges; but as we are seeing with hospital ventilators, masks, and personal protective equipment, the costs could be greater not to maintain buffer stocks of excess inventory.