Mainland factories will continue to work through Chinese New Year
MORE mainland Chinese factories will be producing exports for European and North American consumers instead of shutting down for Chinese New Year, reports IHS Media
31 January 2021 - 19:00
The continuance of work signals little reprieve for record spot rates on trades and underscoring unrelenting imports.
Meanwhile, government agencies are urging companies to give bonuses to migrant workers who don't return home. Vietnamese Prime Minister Nguyen Xuan Phuc recently announced on January 10 restrictions on inbound flights until the middle of February.
The restrictions come as a way to slow travel for the two week celebration period amid new Covid crisis outbreaks.
'A number of China factories are looking like they will continue working through Chinese New Year (CNY) as much as they can in order to catch up on back-orders,' said Hong Kong Liner Shipping Association (HKLSA) managing director Roberto Giannetta.
Before the Covid crisis and government pressure against travel, some factory owners considered extending the vacations for factory workers.
The decision comes after an acceleration in growth of Chinese exports over the second half of 2020. Chinese goods jumped 18.1 per cent in December, with shipments to the US and Europe jumping 34.5 per cent and 21.4 respectively.
On the transpacific trade, carriers have 2.1 per cent of total deployed capacity to the west coast and 3.6 per cent to the east coast, compared to capacity cuts of 30.5 per cent and 27.7 per cent during the Chinese New Year for 2020.
This news 223 hits received.