Port closure signals further strain for global trade

China’s partial closure of the port of Ningbo threatens $172 billion’s worth of global trade and the export of $39.2 billion’s worth of Integrated Circuit Boards (ICBs) according to analysis by Russell Group’s ALPS Marine platform.

The closure comes at a time of great strain on global supply chains. Disruptions at Yantian and Suez have delayed schedules and meant that organisations are scrambling to secure key commodities for their products: a problem that will develop as the port will only accept containers within two days of a ship’s estimated arrival time.

Russell Group CEO Suki Basi commented on the events at Ningbo: “The closure of Ningbo comes hot on the heels of the recent disruption at Yantian and both serve as a timely reminder to organisations and (re)insurers alike of the fragility of global trade.

”Fragility that means that any slight disruption to the network of trade, whether that be a closure of a port or a blockage of a shipping route, creates chaos for shippers, global supply chains and ultimately consumers.”