The Chinese province of Sichuan is currently experiencing a major heat wave and drought. Sichuan is a large hub of international manufacturing, so this is especially bad news for the global supply chain.
According to recent research by The NPD Group, lower-income households, which are classified as under $75,000, are eating 89% of meals and snacks at home.
According to a recent report by ResearchAndMarkets, the global freight forwarding market is expected to increase to $191.71 billion this year. By 2026, the market is expected to increase to $220.34 billion at a compound annual growth rate of 3.5%.
Although freight rates declined by almost 2% in July, that doesn’t mean that supply chain issues are fixed.
The China Federation of Logistics and Purchasing has announced that China will be suspending all imports from Australia and New Zealand immediately.
the service is starting with sailings between Humen and Taicang in China sailing to Portland, Oregon.
The world as a whole is experiencing a food crisis which is due to food waste, shortage of goods, and increased costs from inflation. That said, the food supply chain is able to exponentially reduce food waste.
Maersk shared in a statement that “Congestion in global supply chains leading to higher freight rates has continued longer than initially anticipated”.
According to a recent report by Future Market Insights, the global paper cup lids market is expected to reach $37.2 billion by 2032 growing at a moderate CAGR of 3.9% overtime.
According to the BBC, “The new service aims to cut the journey time from about 60 days to an estimated 33 by eliminating unscheduled port congestion delays in Rotterdam.”