Surging shipping rates pose new headwind for global economy

TheStar Thu, Jan 14, 2021 03:45pm - 3 years View Original


There is a dearth of available shipping containers to move components and finished products out of China, Taiwan, South Korea and Asia’s other export powers.

SHOCKS to supply chains are engulfing a wider swath of the global economy as the pandemic rages on, threatening to stifle Asia’s trade-led recovery just as soaring freight rates make it harder for businesses to weather another year like 2020.

Shortages of consumer goods like paper towels and work-from-home gear early in the Covid-19 crisis have given way to parts shortfalls in one of the most globally integrated of industries: auto manufacturing.

Volkswagen AG was forced cut production plans at the world’s largest car factory in Germany and warned supply constraints might spread globally, while Honda Motor Co. is reducing output at five North American factories as it struggles to procure chips used to make cars.

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