How to Mitigate Chinese New Year Disruptions In 2023

With the Chinese New Year approaching in late January, factory closures and port congestion threaten to disrupt the global supply chains. Also, the recent COVID-19 surge is expected to worsen the New Year delays as millions traveling during the holidays create a domino effect, sparking a large increase in infections. Port operations will be at reduced capacity, and container delays may occur, resulting in late deliveries. Freight and transportation services are also expected to become more costly as rates rise from December 2022 to February 2023. Top industries to be impacted include automotive, high-tech, life sciences, and more, as metal and commodity prices continue to fluctuate.