Surging shipping rates pose new headwind for global economy

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.