Ningbo-Zhoushan COVID-19 Lockdowns Quash China’s Hopes for Normalcy
Chinese ports have seen an overall dip in import and export ocean shipment volume over recent weeks following the imposition of COVID-19 lockdowns.
As of October 21, the 14-day average ocean shipment volume at the Port of Shanghai (including import and export shipments) is down 15% since the start of October. At Shenzhen, volume is down 21% over the same time period.
Ningbo-Zhoushan has taken the largest hit as reports of increasingly stringent lockdowns were reported in October, with volume now down 29% compared to the start of October.
The volume of shipments travelling from China to the United States took a dip over the past month as delays continue to climb. As of 21 October the 14-day average shipment volume for shipments travelling on this lane is down 17% compared to the beginning of October. The 14-day average is down 29% compared to the recent peak seen towards the end of September.
Transit times for ocean loads traveling from China to the United States continue to climb in recent months.
The 60-day average total transit time for loads travelling along this lane is now around 49.9 days across the entire journey as of 21 October.
This is up 15% from the recent low at the beginning of August, but still remains down 10% compared to the peak seen in March of this year amidst the COVID-19 lockdowns earlier.
While port volume is slowing over the past months, dwell time at Chinese ports does not appear to have been impacted.
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