All things affecting global supply chains this week from around the world.
- Energy costs are the number one priority to get supply chains back on track. Followed closely by a swift end to Russia's invasion of Ukraine.
- Fertilizer costs hit farms all over the globe.
- CF producers fertlizer in the UK and this week announced closure of one of its two plants despite increased demand and shortages of supply.
- Target has too much inventory.
- Tessla steps back from its China recruitment drive.
- Fuel prices continue to rise in the US, UK and throughout the EU.
- Tax in the form of fuel duty makes it more problematic un the UK.
- China has strongly developed networks in South East Asia and this helps keeps prices low and a reason why it has become the supplier of choice.
- South Korea has HGV driver strikes disruptibg supply chains.
- The OECD said the UK economy would grow 3.6% this year but may move to zero next year with higher interest rates, postBrexit trade issues and the War in Ukraine with Russia.
- Rail strikes in the UK could impact food supply chains.
- Russian oil continues to flow into Europe despite the ban which only applies to seaborne crude and petrolium.
- India has increased its intake of Russian oil as has China. Russia probably has increased its take from these transactions. It is also pushing up prices on world markets.
Listen to the midweek edition about Western Economy Dependency on China.