The price of shipping goods on vital global trade routes has fallen 85 per cent below its peak as the cost of living crisis hits consumer spending and pandemic-related supply chain disruption eases.
This month it cost $1,444 to ship a standard 40ft steel container from eastern China to the US west coast at short notice, according to shipping data specialist Xeneta, down from a peak of $9,682 in March last year. The widespread delays and queues, which hit ports at the height of the pandemic, have also dissipated.
Kiel Institute, a German think-tank, said despite a monthly gain of 2.1 per cent in January 2023, the quantity of goods shipped was down 5 per cent from January 2022 levels.
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