China’s Foreign Exports Hit Worst Record in Three Years | Wave of Closures Sweeps Through China

Empty factories, idle machinery, inventory backlog, this is the current state of many foreign trade enterprises in China. Most of these enterprises are in the garment processing and similar industries, but there are also other processing plants. As a result of the CCP’s stringent zero-COVID policy in the last few months, many enterprises were unable to start work normally, resulting in the cancellation of orders from large apparel companies in Europe and the United States. Now that they’ve missed the peak holiday shopping season, it is difficult for factory owners to receive new orders, and many factories can only let workers take the Chinese New Year holiday more than a month in advance.
There are also factories that have finished processing their products but are unable to ship them due to the epidemic, or some customers simply don't want them anymore. A large number of goods are stacked in the warehouse with nowhere to go. The end of the year is the debt repayment period for many factories, and to make up for the workers' wages for the whole year. If factories can not receive their payment, they can only go bankrupt and close down.
#Chinaeconomy#WorldFactory#SupplyChain #Chinacollapse #zerocovidpolicy
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