One of our partner offices in China has informed us that the current operations of container and air transport have been halted.
All staff are being told to work from home, and movement of personnel is being strictly controlled.
The biggest impact is on the production line in factories and trucking and warehousing – production and transport is almost entirely closed down, nothing is being made and not much is shipping out.
The result is a huge knock on effect in global trade. Container vessels and planes are not coming to the UK/Europe. This means nothing is being shipped back out.
Airfreight to China is also effected, prices have skyrocketed due to reduced availability. Imports by air from China are non-existent – many manufacturers and traders are reliant on Chinese goods. I am sure you heard that JCB has had to cut working hours as they cannot get parts to manufacture. They are not alone with other companies also seeing this issue.