When Will The International Shipping Price Fall? As A Foreign Trade Enterprise, How Should We Deal With It
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When Will The International Shipping Price Fall
In this context, there is a clear need to keep trade flowing,
both to ensure the supply of essential goods and to send a confidence signal to the global economy.
During an unprecedented global health crisis, trade is critical to saving lives and livelihoods;
International cooperation is essential to keep trade flowing. Globally, the pandemic has severely disrupted trade,
raised the cost of transporting goods, and added new challenges to the global economic recovery.
Although trade was one of the first victims of the 2008 global economic crisis,
new trade-restrictive measures affected only about 1% of world imports.
By contrast, global trade in commercial services increased in 2019, with dollar-denominated exports up 2% to $6.03 trillion.
WTO economists believe the crash is likely to outweigh the trade crash caused by the 2008-2009 global financial crisis. (Chart 1).
Indeed, we believe that overall global trade growth in response to a 10% reduction in fuel costs would have been 40% higher had shipping companies not changed their pricing behavior.
With the end of the lockdown, it is likely that consumer demand will shift towards services away from goods,
but “it is clear that the risk is that higher transport costs will persist, especially given the ongoing supply disruptions,
and that manufacturers will be more willing to forego these services. higher costs for consumers” said, Philip Damas.
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Peter Sand, principal analyst at freight benchmarking platform Xeneta, doesn’t expect container shipping costs to normalize until 2023.
A 10% increase in container freight rates would reduce industrial production in the US and Europe
by more than 1%. Shipping a 40-foot steel container from Shanghai to Rotterdam now costs a record $10,522,
according to Drewry Shipping, 547% higher than the average over the past five years. With more than 80% of goods traded by sea,
rising freight rates are likely to push up prices for everything from toys, furniture, and auto parts to coffee, sugar,
and anchovies, adding to global markets’ appetite for accelerating inflation. worry.
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