The storm hits the western United States and the situation in Port Said has intensified! Freight costs have risen by 700%, and will it continue for 4-6 months?
Release time:
2021-07-30
After the Covid-19 pandemic led to the reopening of the global economy from a partial blockade, imports have grown abnormally. Up to now, the cost of transporting containerized goods around the world has increased by 700%.
The increase in international freight costs for sea, rail, and air routes offset the positive impact of the government’s incentives for certain imported products during the pandemic and may lead to import inflation in the country.
The industry believes that it may take 4-6 months for freight to return to pre-Covid-19 levels. Malik Moin, the former chairman of Pakistan International Freight Forwarders Association, said: "In the past two months, international freight costs have increased by 500%-700%."
He said that the freight for 20-foot containers from China to Pakistan has increased from around US$700 in June 2020 to US$2,000-3,000.
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2021-07-30
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