Preparing for Chinese New Year 2024: Expert Analysis and Proactive Measures

As the Chinese New Year (CNY) approaches, the slowdown in China is poised to affect the global supply chains. The CNY celebration, which spans approximately one to three weeks between late January and mid-February, is expected to cause significant disruptions across various sectors due to halted production, limited port operations, and worker shortages. The surge in shipments before and after the holiday is expected to strain the capacity of key ports in China, such as the Port of Shanghai and Port of Ningbo-Zhoushan, potentially resulting in heightened freight rates. While the Lunar New Year is set to shut down factories for seven days in February, these disruptions will likely impact manufacturing for up to 40 days.