Cost to Ship a Boxload of Goods to U.S. From China Nears $10,000
The cost to ship a boxload of goods to the U.S. from China edged close to $10,000 as the world’s biggest economy keeps vacuuming up imports amid slower recoveries from the pandemic from Europe to Asia. The spot rate for a 40-foot container from Shanghai to Los Angeles increased to $9,631, up 5% from the previous week and 229% higher than a year ago, according to the Drewry World Container Index published Thursday. A composite index, reflecting eight major trade routes, rose to $8,796, a 333% surge from a year ago. Drewry said it expects rates to increase further in the coming week.”
Chip Shortage Weighs on U.K.’s Recovery as Car Output Plunges
“The global chip shortage took a toll on the U.K. economic recovery in May, disrupting manufacturing and sending car and truck production plunging at one of its fastest rates on record. An unexpected drop in factory output as well as construction meant that growth in the overall economy slowed to 0.8%, about half the rate expected, the Office for National Statistics said Friday. It was slower than April’s gain of 2% when restaurants and stores started to reopen, a figure that also was revised lower.”
China’s Factory Inflation Peaks as Commodity Prices Steady
“China’s factory inflation peaked and started to ease in June as a stronger dollar and government measures helped to cool commodity prices. The producer price index rose 8.8% from a year earlier after jumping 9% in May, the National Bureau of Statistics said Friday. That was the same as the median forecast in a Bloomberg survey of economists. Consumer prices increased 1.1% from a year ago, lower than in May and below the estimate of 1.2%.”
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