Supply Chain Highlights: Q4 2023 Recap and 2024 Top Trends

Supply chains faced several challenges in Q4 of 2023, ranging from transportation delays due to geopolitical and climate events to inflation-related impacts, earthquakes, and more. The shipping disruptions due to the Red Sea crisis caused the rerouting of over 100 cargo ships, resulting in sporadic shortages and delays. By February 2024, the number of ships going through the Panama Canal has decreased from 36-38 to 18 per day due to escalating drought conditions. Additionally, alerts for bankruptcies significantly increased to 194% YoY, marking it the largest growth increase of all risk events tracked by Resilinc.