Current market conditions have been propelled by several compounding factors.
Initially the impacts of COVID-19 were seen on disruptions to manufacturing and exporting out of China specifically. But these initial interruptions have been exacerbated by consumption economies and growing import volumes.
Currently, new order growth is exceeding the capacity of containers for transport available, seeing a backlog of manufacturing jobs rising at a record pace.
As a result, the average supplier delivery time has lengthened globally to the greatest degree in 23 years.
And the ongoing imbalance of supply and demand since the pandemic has been made worse by an unprecedented number of companies building safety stocks to protect their customer offering.