Hong Kong Manufacturers Association: Long-distance shipping costs increase by 50 to 100%, putting pressure on business funds.

According to the Wise Finance and Economics APP, Lu Jinrong, president of the Hong Kong Chinese Manufacturers' Association, said that the Middle East conflict has affected the logistics costs of enterprises, with freight rates on medium and short-haul routes increasing by 10% to 30%, and long-haul routes increasing by 50% to 100%. In addition, insurance and fuel surcharges have also increased, and the prices of some raw materials such as metals and plastics have risen by 10% to 30%. At the same time, the delivery time of enterprises has been extended by two to three weeks, increasing financial pressure and making it difficult to fully pass on costs, thus reducing profits.