20 Facts About This Supply Chain Collapse That Will Take Your Breath Away

Experts are warning that the global supply chain crisis is going trigger a record number of disruptions as we enter the second half of 2022. Things were supposed to be getting better by now. Instead, every new survey, study, analysis, or forecast about global supply chains suggests that we are headed to the most chaotic peak shipping season ever recorded. Companies continue to suffer from a myriad of problems caused by product shortages, delivery delays, and persistent supply chain bottlenecks, often leading them to collectively lose billions of dollars each year. Meanwhile, the vast majority of U.S. consumers are still facing empty shelves, soaring prices, and poor customer experience. New data shows that Americans are getting increasingly frustrated with the rising number of out-of-stock products, price hikes and higher costs for shipping.
Every sector of the industry is being burdened by a series of problems caused by broken supply chains. A new study published by the Small Business Association of Michigan noted that 59% of U.S. small businesses have been facing persistent complications in logistics and transport which led 87% of them to face higher costs than before the pandemic, with almost half – 43% - reporting price increases of 20% and more. Due to these obstacles, 20% of U.S. small businesses said they’re still feeling pessimistic about the long-term survival of their operations.
The system has been broken so many times over the past two years that industry executives don't see an end for supply chain problems coming about anytime soon. In fact, many issues are likely to worsen this year, as roughly 40% of workers in the transport sector are threatening to quit their jobs. Truckers collect and distribute over 70% of the goods arriving at U.S. ports around the nation. Such a shortfall of workers could paralyze domestic supply chains indefinetely. Road transport operators are warning about a “perfect storm” for the trucking industry in 2022. As the backbone of global supply chains, road transport operators are calling on governments for support to avoid bankruptcies and to stabilize the transport system as a whole. “Right now, driver shortages and drastic fuel price increases have created a “perfect storm” that can further aggravate supply chain disruptions this summer,” said Bob Costello, chief economist for the American Trucking Associations.
On top of all that, global container capacity has been dramatically reduced in the past few months, and millions of containers are still stuck outside ports worldwide as congestion escalates. The outlook for the next six months is grim - we're about to witness the cumulative impact of almost 24 months of continued interruptions.
The stress we've felt as a result of supply chain problems over the past two years was nothing compared to what we will experience in the coming months. Geopolitical conflicts, extreme weather, slower manufacturing, higher fuel costs, and global inflation will continue to wreak havoc on supply chains - and more importantly, we will continue to feel the impact of all of these problems in our monthly budgets. We can only advise you to stock up while you still can because the chaos ahead will be devastating. And in today's video, we compiled several facts that reveal the extent of the problems we've already faced and the challenges that will continue to aggravate the supply chain crisis as we enter the second half of the year.

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