A fresh wave of COVID lockdowns in China leading to more supply chain disruptions has left Australian businesses looking for new ways to stem cash flow problems.
Funding solution provider OptiPay has seen enquiries for trade finance triple in recent weeks as businesses find getting stock from overseas is harder, more expensive and is taking longer.
“It’s definitely global supply chain issues that are driving these enquiries,” says OptiPay CEO Angus Sedgwick.
Since the beginning of March congestion levels at ports in mainland China have increased 30 to 40% after Shanghai was locked down due to the country’s zero-COVID policy.
“New lockdowns in China caused chaos once again. Some businesses are experiencing six week delays in receiving their goods while others are waiting up to six months,” he says.
