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US manufacturing orders from China drop 40% as container ships are canceled
Posted on December 12, 2022 |
U.S. logistics are preparing for delays in the delivery of goods from China in early January, due to canceled sailings of container ships and rollovers of exports by ocean carriers.
Carriers are announcing more blank sailings and discontinuing services to balance supply with demand.
The continuous decline in container freight rates from Asia due to a collapse in demand is prompting ocean carriers to blank more sailings than ever before.
U.S. manufacturing orders in China fell by 40% due to a decrease in orders, and Chinese factories will shut down two weeks earlier than usual for the Chinese Lunar New Year.
Unlike the decrease in orders out of China, the Europe-to-U.S. trade increased substantially, due to a strategic modification from over-dependency with China and geopolitical tensions over Russia.
Germany’s exports to the U.S. grew annually by 50% in September and the country's mechanical engineering sector boosted its exports to the U.S. by 20% compared to the first 9 months of 2022.