As consumers shift spending from goods to services, some shippers are seeing Chinese manufacturing orders drop by as much as 30%, logistics sources tell CNBC.
The drop in Shanghai’s port productivity, which is driven by to the lack of people working due to Covid lockdowns, can be seen in the container wait time at the port, according to CNBC’s new Supply Chain Heat Map. “In Shanghai, ocean terminals, warehouses, and trucking services are operating as normal but with lower efficiency .