In the current climate of “economic populism,” buyers, sellers and their supply chains have an opportunity to step up and cope with major challenges through cooperation, transparency and flexibility.

Global trade: Love it or hate it. But don't overestimate its impact on individual economies.

For the last 50 years, the world economy has benefited from a demographic boom that has contributed 1.8 percent to average annual global GDP increases, helping to generate an unprecedented level of growth. This demographic headwind is coming to an end.

Back in 2011, in the midst of an intensifying debate about the impact of globalization, author and academic Pankaj Ghemawat voiced a view that was in sharp contrast to the prevailing wisdom on the subject: "We're not nearly as globalized as we think we are."

Economists' predictions often disagree, but there's one thing they have in common: They're pretty much all wrong.

Buyers and sellers appear generally optimistic about the prospects for trade and the economy this year. Let's hope they're not whistling in the dark.

China has a new status its government doesn't want - world's biggest trader. Trade data from both governments indicate China passed the United States last year in total imports and exports by a margin of $3.86tr to $3.8tr. That is about $44bn, or just over one percent of China's total.