As another difficult year draws to a close, I find myself reflecting on the lessons the ongoing pandemic has taught us all. Out of necessity, we’ve had to learn how to be more flexible, resilient, and compassionate on a personal, business, and societal level.
According to a Statista survey, 72% of businesses suffered pandemic-related detrimental effects in 2021. Like all of you, we at Kingstec have remained laser focused on navigating COVID’s uncharted waters on behalf of our clients to prevent and mitigate these adverse events.
Our top priority is to ensure our customers can avoid and resolve unforeseen adversities as the labour market squeeze continues to play havoc with supply chains, logistics, and shipping across the globe. If the pandemic has an upside, it’s the fact that manufacturers have been inspired to implement new ways of working to become more resilient and agile.
To that end, we launched Kingstec’s new website in 2021. Our improved site now includes a blog resource section to provide you with advice on how North American and European brands and businesses can improve and modernize their overseas sourcing practices.
For the year ahead, we expect to see continued stress on supply chains during the first half of the year. The key stressors will be sporadic virus outbreaks, tough governmental measures aimed at COVID, and trade volatility over the Lunar New Year period.
These stresses will likely ease in the second half of 2022 as consumer demand levels off, facilities restore inventory levels, and shipping capacity continues to increase. China will continue to be the “world’s factory” due to its massive, highly skilled workforce, low labour costs, and state-of-the-art manufacturing facilities. We’re committed to continuing to earn your trust by maintaining the strictest quality standards while helping you get your products quickly and reliably into the marketplace in 2022 and beyond.
Let me close by wishing each of you and your families all the joys of this festive season and every success in the year ahead.
Wilson Chiu, P.Eng