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Sourcing from China: Avoid Chinese New Year factory closures | Global Trade Explained

Chinese New Year, also known as the Lunar New Year or Spring Festival is any sourcing department's worst nightmare. Every year factories in China close for almost a month during Lunar New Year. As many supply chains around the world rely on importing products from China, the yearly factory shutdowns have a significant impact. Whether you work for a huge brand, or you just started a small business selling products on Amazon, you need to know how to plan ahead to avoid delays due to Chinese New Year. In this new episode of Global Trade Explained, besides focusing on how your business can avoid the factory closures during Chinese New Year, we will also look into customs and social factors. As we will see in this mini documentary, Chinese New Year also has a big impact on cargo and shipping worldwide. Besides shipping delays, it also is the cause of the biggest yearly human migration in history. Chunyun as it is called in Chinese, is the period of high traffic in China when people from all over the country (and abroad) return to their homes. Spring festival is also celebrated in other Asian countries, including Vietnam, because both countries use the Lunar Calendar. Tết as it is called in Vietnam, short for (Tết Nguyên Đán) has almost the same repercussions for the manufacturing industry there too. We hope you will find this video useful, and would really like to know if you have any questions. 📌 NAVIGATION: 0:00 - Intro 0:26 - What is the Lunar New Year 0:44 - Why do Chinese have different New Year 1:20 - Why do factories shut down during CNY 2:11 - When do factories resume work after CNY 2:21 - Impact of Chinese New Year 2:40 - Smart sourcing from China 3:38 - Ending #china #chineseNewYear #chineseFactories #chinaBusiness #chineseHolidays ⚠️DISCLAIMER: The information provided throughout this video is for educational and informational purposes only. It does not substitute professional consultation of financial, legal or any other nature. Although TEXIN LTD is a sourcing agent, all the content shared on this channel does not constitute a service provider – client relationship. This channel is not politically affiliated with anyone. Our videos are looking at facts from a business perspective. Anyone can freely comment on this video, but before you do please remember to abide by YouTube’s regulations. Keep discussions courteous. Racism, personal attacks, hate speech, baiting, trolling, doxing, etc., of any kind are not permitted and may be removed. This video is under Fair Use: Copyright Disclaimer Under Section 107 of the Copyright Act in 1976; Allowance is made for "Fair Use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use. All rights and credit go directly to its rightful owners. No copyright infringement intended.