Lunar New Year set to slow down global shipping, according to FourKites
Glenn Koepke, General Manager of Network Collaboration at FourKites, has said that the supply chain visibility platform “anticipate[s]volume will sharply halt during the Lunar New Year while ports shut down and operations come to a standstill”.
The celebrations began yesterday [22 January] as the Year of the Rabbit got underway. Festivities differ amongst communities around the world, with China, Japan, and Korea amongst those nations with traditions of celebrating the changeover in the lunar calendar.
Koepke expects “a climb back to steady volumes” once the festivities come to an end in February.
The New Year isn’t the only reason why supply chains with moving parts in China could be affected. As the spread of covid-19 increases following the lifting of restrictions, Koepke believes that these supply chains will likely continue to see “temporary disruptions”.
He adds that with “a softer air freight market, being able to expedite product out [of China]will be much more feasible for shippers and forwarders”.
Analysis from Fourkites shows that volumes at Chinese ports have remained relatively consistent since the beginning of December. Last year saw volumes peak in August and drop in November, remaining fairly steady towards the end of 2022 and the beginning of 2023.