Market Update 16th August 2021

As we mentioned in our last report, Manilla is on heighten lockdown. Moving around Manilla and its suburbs is problematic, meaning some factory workers struggle to get to work easily. There is also a lot of office staff working from home, which is not ideal.

Remembering that just over 5.5 million Filipinos have been fully vaccinated, just 5% of the Philippines population, these restrictions will continue long after we are back to normal.

With the demand across Europe and the US still at record highs, even over the usually quieter summer months, we are now nearly full for November and December, and October shipments are sold out.

Shipping costs are still at record highs and are not liable to come down this year and probably next – there was a report last week that shipping costs to the US from China were $20,000!!

With many businesses holding out on ordering until shipping prices drop, this plan looks to have backfired with higher shipping costs and no availability. There is likely to be a struggle to get raw materials, further inflating prices into Quarter 4.

Get in touch with us as soon as you can, if you have not ordered or have been delaying, to go through your options.