U.S., China Container Shipping Rates Plummet 50%, Backlog of Unfilled Orders Grows
By AGDAY TV
via FarmJournal's Pork - October 8, 2021
As backlogs at U.S. ports and climbing shipping rates plague the supply chain, new data shows shipping rates between the U.S and China are dropping by more than 50% in just a month.
Data provided by digital freight forwarding company Shifl shows China/U.S. spot freight rates, for shipping a 40-foot container from China to Los Angeles, dropped by $9,000. That's a 51-percent drop between September and October.
Experts say China is slowing production due to a power crisis and the off-season coming into view, but issues remain due to a growing backlog of unfulfilled orders...
more, including video report [0:35 min.]