US ports taking a major hit from the coronavirus
Supply chain disruptions due to the coronavirus (COVID-19) crisis have followed the wavelike spread of the disease, moving from Asia - notably China, but also South Korea - to the US.
Amidst a very muddy data situation, reports are suggesting that activity in Chinese ports has picked up, while the US ports are taking a major hit with reduced volumes.
At end February, Chris Connor, ceo and president of the American Association of Port Authorities (APAA) noted, in a prepared release, that, “The overall economic impact of this type of crisis can easily run into the tens of billions of dollars. Due to the coronavirus outbreak, cargo volumes at many US ports during the first quarter of 2020 may be down by 20% or more compared to 2019.”
Echoing the strands of good news coming from Asia, Connor added, “Things will rebound eventually, and indeed we’re hearing news about factories that are coming back on-line in China, and ports there ramping back up to move the cargo.”
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