China s marine shipping for exports to the EU and the US has been affected by the disruption of two prominent global canals - the Panama Canal and the Suez Canal - due to drought and geopolitical factors, leading to a surge in shipping costs and delivery delays, Chinese industry insiders told the Global Times on Sunday.
International traders and industry players fret the widening sanctions against Russia by the West would further disrupt the global supply chain, already pressured by the COVID-19 pandemic. They are keeping a close watch on how the situation evolves and make due contingency plans, the Global Times learned.
After over a year of constant gains, skyrocketing freight rates on routes between China and the US have eased in the past month, in some cases by as much as half, according to industry insiders, who said that the declines will likely boost bilateral trade – especially China s exports to the US.