Post by account_disabled on Mar 9, 2024 10:43:52 GMT
The partial closure for the seventh day of the port of Ningbo, the third busiest container port in the world, threatens losses of 172 billion dollars in global trade and the export of semiconductors valued at 39.2 billion, according to data from ALPS Marine. Additionally, due to the closure, other ships are being redirected to nearby ports, pushing them to the limit of their capacity. In fact, last Monday there were more than 50 container ships that remained anchored outside the port of Ningbo.
This closure, which affects 25% of the port and motivated by the positive case of Covid-19 in an employee, is yet another event that increases pressure on global supply Ecuador Mobile Number List chains in recent months. The disruptions at the port of Yantian and the Suez Canal have delayed the delivery of goods and compromised many companies in the manufacturing of their products, also raising freight rates to record prices.
In the case of the port of Ningbo, its reopening is expected in early September, so the closure could affect the US Christmas campaign given that 22% of the goods leaving this port are destined for the American country, representing about 16,000 million dollars.
Since China brought the pandemic under control last year, the country has adopted a zero-tolerance approach to any outbreak, taking strict measures even when detecting isolated cases, especially in strategic locations such as ports. In fact, last May a similar episode occurred in the Yantian port of Shenzhen, also affecting global maritime freight traffic.
Once again, the fragility of global supply chains is evident, which when affected by a shock influence global transportation, factories and, ultimately, the consumer.
However, this positive outlook largely depends on the easing of restrictions, a positive trend in commodity prices, reduction in protectionist trade policies, and favorable macroeconomic and fiscal conditions.