Shipping hurt by weak demand for Chinese goods
Carriers are skipping ports in China as international orders fall and supply chain problems persist。
Weaker international demand for Chinese goods has led to a rise in shipping cancellations at the country’s biggest ports, putting a damper on the expected economic boost from its emergence from zero-Covid policies.
While cancellations are typical within the industry and usually rise during lunar new year, the supply chains data provider Drewry said the rate is “exceptionally elevated” this year, because of a drop in demand in the West. China’s exports have fallen for three consecutive months, weakening a core pillar of its struggling economic model.