Food supply chains are seeing the results of continuous global disruptions and the relentless impact of inflation. A new report from BSI, Supply Chain Risk and Opportunities, found a 29% increase in food supply chain thefts in 2023.
Food now constitutes a third of all hijacking incidents, indicating a significant shift in criminal targeting strategies amidst rising prices. And agricultural food products theft has risen to 10%, accounting for one in ten hijacking incidents.
The report delves into specific incidents, such as the theft of 52 tons of olive oil in Greece and the theft of 200 hams in Spain before Christmas. Notably, the report also highlights instances of high-value commodities theft, including a fraudulent diversion of $9.7 million worth of pharmaceutical shipments in Egypt.
The report identifies six imperatives to support smoother global trade.
- Willingness to collaborate can help organizations uncover the opportunity presented by today’s supply chain challenges: No one organization can accelerate progress alone.
- Recognizing the changing nature of risk has the potential to unlock huge opportunity by enabling organizations to prepare for different eventualities.
- Taking a proactive approach to risk, powered by data and actionable insights, can help manage and mitigate vulnerabilities. These insights can be a tool to answer today’s supply chain questions.
- Approaching the ever-changing global landscape with an agile and adaptable mindset is crucial in a time of geopolitical uncertainty.
- Taking a 360-degree perspective on climate]related events has the potential to help future-proof operations: A “new era” of extreme climate events requires a new approach.
- Getting ahead of rapidly-evolving legislation, including via evidenced supply chain compliance, can deliver competitive advantage.
