Steve Chuang’s Hong Kong-based company, which manufactures electronic products, has enjoyed regular demand from the U.S. and Europe over the past 12 months. But like many Asian exporters, he is struggling to get his goods to customers. An interesting article on publicnews.in.
Regional economic system sees trade growth
Chuang’s company, which makes photovoltaic electronics, is just one of many enjoying trade growth that has helped the regional economic system recover from the pandemic-related downturn of the past 12 months.
Success slowed by disruption to global supply chains
But their success is being held back by the disruption of global shipping supply chains. The surge in exports from China to the West, coupled with disruptions at ports as a result of the Corona virus, has left many containers out of place, leading to queues of ships outside ports and floating freight costs. Chinese media have dubbed it “a single box is hard to find.”
Cost of a 40-foot container from China to the U.S. quadrupled
The amount it costs to ship a 40-foot container from China to the U.S. has more than quadrupled in the past 12 months, Chuang said, “We have never seen anything like this in the past two decades. Empty containers can no longer return to Hong Kong.”
Source: publicnews.in
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