Shipping Rates Decline
There’s evidence of shipping rates declining and continuing this downward trend. While shipping rates are trending down, rates are still higher than pre-COVID rates.
Shipping Containers Go From Not Enough to Too Many
As global demand starts to wane, shippers are starting to cancel their container shipments in what is traditionally the peak season (October).
As mentioned above, we’re also seeing shipping rates decline, so with the added capacity, it’s likely shipping rates could come back down to normal in the coming year.
Strong US Dollar Wreaking Havoc for Asian Businesses
Asian businesses are struggling with the strong the US dollar, as prices of their product inputs are skyhigh versus their local currency.
Businesses are trying to juggle keeping selling prices at current prices without driving away customers but taking the hit on higher costs of goods.
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