He has had to stop importing giant teddy bears from China because their retail price would have had to double to add in higher freight costs. For instance, anchovies from Peru have largely stopped being imported into Europe because with the higher freight costs they’re not competitive relative to what’s available locally, Espin said. Freight costs are more painful for companies that move clunky, low-value items like toys and furniture. "Someone is bleeding very hard.”Companies are desperately trying to work around the higher costs. "The longer these extreme shipping freight rates last, the more companies will take structural measures to shorten their supply chains, ” Damas said.

Source: The Star June 13, 2021 00:22 UTC