What is the correct term for a city that plays an important role in the global economic system?12/25/2023 A firm’s hedging costs due to poor reliability and predictability of logistics services can be significantly high in terms of higher inventory maintenance requirements (Arvis et al., 2010). In a world of just-in-time production processes, it is not only the time and cost of delivery of shipments that matters, but also its reliability and predictability. Poor logistics facilitation takes a large toll on a country’s competitive advantage, and insights in this respect were conferred by Arvis et al. In this situation, the most imperative aspects of logistics performance are logistics costs and reliability of supply chains. Port activity is no longer limited to just cargo handling logistics service provision in an international context has become a core part of the business (Wang and Cullinane, 2006). Globalisation of complex industrial production processes has increased the importance of seaports in the global supply chain. The history of urban development also reveals that economic advancement is especially apparent in cities with seaports (Shan et al., 2014). World merchandise trade volumes have grown at a modest rate of 2.3% in 2014 following the global gross domestic product (GDP) growth rate of 2.5%, indicating a strong correlation between trade and GDP (UNCTAD, 2015). Today, over 80% of all trade is seaborne (Stopford, 2009 UNCTAD, 2015). Trade between nations has always made a significant contribution in terms of increasing wealth among the world population (Smith, 1776).
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