No one knows exactly how 2023 will wrap up or what 2024 will bring, but using last year as a guide, then taking stock midway through the year and course correcting as needed is the best path forward. Titled “Mid-Year Insights and Future Predictions,” Sourcing Journal’s Annual Global Outlook event took a world view at shipping, logistics, trade, consumer sentiment and more.

What we found, however, was that the more things change, the more they stay the same. The Russia-Ukraine conflict roars on, trade pacts like AGOA and the punitive Section 201 tariffs on China-made goods continue to demand our prompt attention, and endless port talks have now made their way into Canada.

On the flip side, what a difference a year makes! Just a year ago, transpacific container prices came close to hitting $10,000, while today,  they’ve plummeted as low as $1,500 amid shrinking consumer demand and a smoother supply chain. Sadly, we can’t even celebrate cheap freight as such volatility makes planning next to impossible.

So we collected experts into a virtual room to see what’s what and try to ease uncertainties: Jason Kra of Li & Fung, Guido Schlossmann of Synergies Worldwide and Pulkit Seth of Pearl Global gave an honest global sourcing outlook; industry veteran Michael Appel from Getzler Henrich & Associates discussed what’s happening at retail regarding inventory, promotions and shrink; Paul Magel from CGS discussed AI’s impact on our industry; execs from PwC Advisory, Invest Hong Kong and The Mills Fabrica highlighted the benefits of setting up an  office in Hong Kong; Steve Lamar from the AAFA and FTI Consulting’s Sally Peng tackled complex trade issues; Kornit Digital discussed on-demand production; execs from GXO, DHL and Alba Wheels Up tackled logistics issues, from the first mile to the last; Antonia Prescott of Cotton Outlook zeroed in on raw material prices; and Lupine Skelly of Deloitte presented a study on U.S. consumer spending.

What will tomorrow bring? If you should listen to anyone, our bets are on this group.