Trade diversification in the world of disruption - how Australian coal survived China's ban

Diversification can be a key element of economic development in any country, without which the long-term growth of the country can be vulnerable to unpredictable external shocks. It is such a simple idea but goes a long way in this era of international trade with increasing uncertainty and unforeseen disruptions. In a recent article by Approved, it is argued that well-diversified supply chains could have alleviated three major disruptions that happened recently – China’s power problems, the Shutdown of Vietnamese factories due to COVID-19, and the Suez Canal Blockage.