German think-tank says port congestion and Delta variant are to blame.
The Kiel Institute for the World Economy says it expects China’s exports to fall in August in comparison to the previous month, due to continuing port congestion and the pandemic.
The German think-tank said its trade indicator for China dropped 6% in August and thinks the resurgence of the Delta variant threatens to jeopardize a recovery in global trade.
“While in recent weeks there have been gentle signs of relief, the terminal closure in Ningbois now exacerbating the bottlenecks in container traffic again,” said Vincent Stamer, head of Kiel Trade Indicator.
“If goods trade with China does not quickly find its way back to normal processes, the crisis also threatens to make itself felt in the Christmas business with missing products and higher prices.”