Hong Kong Strike Clogs Shipping Traffic
Hong Kong’s economy has changed drastically with a growing gap in wealth. Costs are increasing and standards of living are increasing as well, pushing middle and lower class residents to go on strikes more often. The most recent strike that is causing an uproar is the strike involving dockworkers at cargo terminals where protesters are preventing large cargo ships from docking. If the strike continues for a long period of time, it will cause a lot of damage to Chinese retailers as well as other retailers like the United States and Europe. The flow of goods is slowing down because cargo ships cannot dock. Normal wait time for a cargo ship to dock is typically 3 hours but the strike has delayed the time to as much as 60 hours. With the upcoming holiday season in demand, the strike will have a large impact on businesses around the world.
As a majority of the goods are either shipped to china or is shipped from China the strike needs to be resolved. Not only will it affect businesses in Hong Kong but it will affect everywhere in some kind of way. Especially since it is about to be holiday seasons, the sales of retailers will be heavily affected. If the strike drags out, the United States economy will regress from its slow recovery.
Written by: Wilson Tang