Increase (annual) in prices relative to the Global Index container loading From
03-Sep-2020
to
03-Sep-2021
$10.000 $7.500 $5.000 $2.500
01-Nov-20
01-Jan-21
01-Mar-21
01-May-21
01-Jul-21
01-Sep-21
Fuente: Freight Baltic Index (FBX).
Note: The price increases (annual: September 2020 to September 2021) shown in the graph are related to the Global Container Freight Index (USD values).
High freight rates overshadows the economic recovery The United Nations Conference on Trade and Development (UNCTAD) warned that “global consumer prices will increase significantly by 2023 until supply chain disruptions, port constraints and port terminal deficiencies are addressed.
The impact of high freight rates will be greatest in Small Island Developing States (SIDS), which could see import prices rise by 24% and consumer prices by 7.5%. In the Least Developed Countries (LDCs), consumer price levels could increase by 2.2%.
Thus, the current increase in container freight rates, if sustained, could increase world import price levels by 11% and consumer price levels by 1.5% by 2023.
Supply chains will be affected by the rising costs of maritime trade. Low value-added goods produced in smaller economies, in particular, could suffer a serious erosion of their comparative advantages.
“The current increase in freight rates will have a profound impact on trade and undermine socio-economic recovery, especially in developing countries, until shipping operations return to normal,” said UNCTAD Secretary-General Rebeca Grynspan. “Getting back to normal would mean investing in new solutions, including infrastructure, freight technology and digitization, and trade facilitation measures,” she said.
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A 10 percent increase in container freight rates, coupled with supply chain disruptions, is expected to lower industrial output in the United States and the euro area by more than 1 percent, while in China output is expected to decline by 0.2 percent. UNCTAD urges countries to consider a package of measures covering tangible and intangible infrastructure. Improving the quality of port infrastructu-
