East Asian Market Updates and Latest Opportunities
East Asia is one of the most densely populated regions in the world. The three major East Asian countries, China, Japan, and South Korea, are well-recognized as the bellwethers of Asian industry. 2021 was a year full of challenges in both domestic and overseas markets. Amidst the challenges, enterprises on the one hand had to explore new markets. On the other hand, they needed to maintain a stable upstream supply. Other than these, they also shouldered the social responsibility of environmental protection and sustainable development today. East Asia was no exception.
Recently, China and other East Asian regions are gradually gaining their economic recovery momentum. As the world's factory, how can China strive to stabilize global supply? How can Japanese manufacturers reconstruct the supply chain to tackle the impacts of the epidemic? South Korea has recently set up a task force on economic security amid supply chain disruptions. Are the industry prospects bouncing back?
In this feature, CHINAPLAS keeps you abreast of the market trends by sharing market updates and latest opportunities of the East Asian countries.
China’s supply chains have taken hits from COVID-19, power outages, a shortage of shipping containers, and a sudden surge in consumer demand. Even though U.S. demand has rebounded after COVID-19 vaccines became available, supply and logistics have taken time to catch up. Order fulfillment delays have become pervasive and will continue at least through Christmas. The bottlenecks have produced stark winners and losers.Source: DIPLOMAT MEDIA
Japan's factory activity expanded at the fastest pace in six months in October, an encouraging sign for the world's third-largest economy as it navigates the challenges posed by persistent global raw material and chips shortages.Source: CNA Asia
A decades-old traditional market in Mangwon-dong, western Seoul, known for its affordable fresh produce and tasty street food, has recently been at the forefront of a grassroots plastic-free movement in the neighborhood.Mom-and-pop shops and vendors at Mangwon Market in Mapo District have taken part in a campaign to encourage people to bring reusable containers and reduce single-use plastics since May.Source: Korea JoongAng Daily