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The city's logistics industry has been scrambling to adapt to the immense pressures exerted by the pandemic-induced increase in demand for personal protection equipment, medical supplies, and e-commerce shipments since the first confirmed case of coronavirus infection in Hong Kong was reported on January 23, 2020. Worldwide industrial shutdowns and travel restrictions in the aftermath of the epidemic produced global supply chain disruptions. Since the beginning of the COVID-19 epidemic, widespread urban and national closures and quarantines have shut down industries and manufacturers in the global supply chain.

Many manufacturers around the world have been having supply issues with raw materials, intermediate goods, and finished products, forcing many to declare force majeure with their upstream or downstream counterparts because they are unable to meet their contractual obligations due to the highly uncertain lead times.

The passenger aircraft industry has suffered capacity reductions and financial strains. Because it transports more than half of all air cargo, it has put unprecedented strain on global air traffic and, as a result, freight costs. The epidemic has uncovered flaws that have existed for decades as a result of increasing globalisation. The pandemic is a "black swan occurrence," prompting stakeholders to change their global supply chains into digitally intelligent or smart models. Many logistics professionals in Hong Kong are repositioning themselves to take advantage of the opportunities that will emerge from anticipated supply chain changes post-COVID-19.

Question:

Identify with explanation the SEVEN economic drivers influence freight rate during COVID- 19 pandemic. (560words)