Coronavirus: as Shanghai reopens, South Korean firms race to shake off lockdown disruptions
- South Korean companies in Shanghai or with exposure to its supply chain are trying to get business back on track after lockdown was lifted
- From small traders to some of South Korea’s top conglomerates, China’s hardline coronavirus containment policy has taken a toll
Park Sang-min, a South Korean businessman based in the commercial hub, said many companies involved in trade like his own had lost business partners during the lockdown, when cargo-handling capacity at the city’s port plunged.
The city’s port, the world’s biggest based on cargo throughput, handled 17 per cent fewer containers in April compared with the same month of 2021, data from Shanghai International Port Group shows.
As Park’s company was unable to ship parts and materials overseas over the past two months, business partners in Europe and Northern Africa found other companies shipping goods from regions of China not under lockdown.
It was two months of shipments of orders being delayed or cancelled
Payments for some orders delivered before the lockdown were also suspended because banking services were halted.
