The world economy’s supply chain problem keeps getting worse

The cost of sending a container from Asia to Europe is about 10 times higher than in May 2020. - AFP

TAIPEI (Bloomberg): A supply chain crunch that was meant to be temporary now looks like lasting well into next year as the surging delta variant upends factory production in Asia and disrupts shipping, posing more shocks to the world economy.

Manufacturers reeling from shortages of key components and higher raw material and energy costs are being forced into bidding wars to get space on vessels, pushing freight rates to records and prompting some exporters to raise prices or simply cancel shipments altogether.