The Lunar New Year’s Impact on the Global Supply Chain
February 18, 2021 –PortBreakingWaves.com
The Lunar New Year, which began this year on February 12, marks a weeks-long holiday that brings together millions from across Asia. While workers take leave to reunite with their families to celebrate the new year, global commerce braces for a disruption of the supply chain worldwide, from ports to shippers and other business stakeholders.This holiday is significant because many U.S. businesses are directly linked to Asian factory production, with most coming from China. During the holiday, production in Asian factories slows and ocean-going cargo volumes drop. The coronavirus pandemic further amplified the effect on production and cargo last year. At the start of 2020, factories in China and throughout Asia closed for the Lunar New Year but the emerging pandemic then forced millions to stay home, nearly bringing production to a standstill.