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By the end of 2021 the cost of shipping from Asia to the west coast of the U.S. had risen 330 percent in one year. According to the Freightos Baltic Index, as of June 22nd the average global price to ship a 40-foot container was $7261, down from a peak of over $11,000 in September 2021, but still five times higher than before the pandemic. The United Nations Conference on Trade and Development (UNCTAD) estimated that higher shipping rates during the lockdown raised the inflation rate by 1.5 percent. More
The post In Deep Water: Shipping in the Global Economy appeared first on CounterPunch.org.
This content originally appeared on CounterPunch.org and was authored by Joseph Grosso.