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China to US shipping costs rise on Covid restocking
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Posttime:2020-10-29
SHIPPING goods from Asia to the US have increased over the last month as American companies look to restock depleted inventories before Christmas and a Covid crisis during the winter, reports London's Financial Times.
Long terms rates to the US west coast increased by 12.7 per cent over the weekend after a 37.2 per cent increase on October 1, which was the biggest overnight jump since 2015. Currently, prices are 63.4 per cent higher than the same day from 2019.
The rise in rates is a result of high demands toward Asian-manufactured goods in the US, in which inventories are at their lowest levels since 1990 because of the shock to supply chains.
"Chinese production was virtually out of service during the spring and demand in the US for ecommerce, in particular, has gone up since then as people spend less on services because of the pandemic," said an analyst at Jefferies David Kerstens.
source:Schednet
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