Why high shipping rates are a new headwind for global economy

Why high shipping rates are a new headwind for global economy

Hong Kong/London: 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 and making it harder for businesses grappling with soaring freight costs 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. Volkswagen AG was forced cut production plans at the world’s largest car factory in Germany and warned supply constraints might spread globally, while Honda Motor …
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