Trade
Supply Chain
Definition
The network of organizations, people, activities, information, and resources involved in producing and delivering a product from raw materials to the end consumer.
Explanation
Global supply chains became a mainstream topic during COVID-19 when disruptions caused shortages of everything from semiconductors to toilet paper. "Nearshoring" (moving production closer to consumers), "friend-shoring" (sourcing from allied countries), and diversification away from China have become major trends. The semiconductor supply chain — concentrated in Taiwan (TSMC) and South Korea (Samsung) — is considered the most strategically vulnerable.