China's new Covid surge is crippling the world's most important factories and biggest ports
Publishing timestamp: 2023-01-05 18:39:48
Summary
Congestion is building off of Ports of Ningbo and Qingdao due to increasing freight booking cancellations as factories cannot operate properly due to Covid. Logistics managers are warning of very soft volume after Lunar New Year with canceled or delayed bookings for 2nd half of January and early February. U.S. manufacturing orders from China are already down 40% due to unrelenting demand collapse. MarineTraffic is seeing slowdown in port productivity in Shanghai and other ports across China are experiencing supply chain delivery problems. Inventories are still at all-time high and capacity is still tight across nearly all regions.
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Keywords: united states, economy, china, apple inc, trade, shanghai, u.s. economy, world economy, business news, asia economy, transportation, ningbo, qingdao,