This situation will lead to a longer slowdown in freight markets, a report by FreightWaves said. In fact, the Lunar New Year could last for up to 40 days, due to the extended travel times and family reunions.
According to Xinhua, an uncertain trade outlook might affect the freight business as well in February, which historically is the slowest month for US imports of Chinese goods.
What is more, the dollar value of Chinese goods entering the US reported its monthly lowest point in February for five of the last eight years. Moreover, the value of Chinese goods entering the US decreased by 15% during February since 2011.
Specifically, the Port of Los Angeles, the busiest in the US regarding container volume, saw its containers volume reduce by 10% from January to February in 2018, while a 31% fall took place from February to March.
To address the decline in February, shipping lines changed their schedules, the report concluded.