The Effects of COVID-19 on the Global Supply Chain
For over a year, COVID-19 has disrupted life in every way including how businesses operate. The international supply chain was severely affected when COVID-19 reached a global scale. Many business operations around the world came to a halt as the world frantically grappled with trying to understand the virus.
After a year in the pandemic, vaccinations are rolling out and a better understanding of the virus has businesses quickly reopening. As we see customers gearing up to return back to normal operation levels or even higher capacity to make up for lost time, an immediate strain is put on the global supply chain.
Supply has not been able to keep up with demand. We have been working closely with customers to navigate the following common challenges COVID-19 has brought to the global supply chain:
- Volatile Freight Costs
- Raw Material Shortages
- Shipping Container Shortages
The scarce supply and wave of demand has pushed prices to a historical high for operations. Every industry has been affected by this challenge. Although much of these challenges are out of our control, Paramount is committed to communicate these challenges to make sure we are navigating and minimizing impact for our customers.