With shipping containers in critically short supply, the cost of sending goods from China to South Africa has surged from $1,000 a container to $8,000. It’s a similar story in Southeast Asia, where container prices have tripled to $3,000 each.
And its consumers that are going to bear the brunt of those higher shipping costs. The United Nations Conference Trade and Development (UNCTAD) warned the cost of imports will rise by 11% between now and 2023 unless disruptions in the global supply chain are resolved.
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