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UK's manufacturing downturn persists as Red Sea crisis impacts supply chains
Posted on February 5, 2024 |
The UK's manufacturing sector is still facing challenges because of changes in deliveries caused by problems in the Red Sea, making supply chain issues worse.
The downturn is widespread, affecting different goods like consumer, intermediate, and investment goods.
Manufacturers are being careful with costs, making cutbacks in purchasing and stock to be more efficient, protect cash flow, and defend profit margins.
The disruption in the Red Sea route, caused by attacks near the Red Sea from Houthi Rebels, is leading to longer delivery times.
Major shipping companies are rerouting their vessels around Africa, adding 10 to 14 days to their journeys.