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World Bank worries about rising sea freight

World Bank worries about rising sea freight
World Bank worries about rising sea freight

The disruption of the global supply chain caused by Covid-19 has given way to strong inflation, the effects of which are more felt in developing countries.

For the World Bank, the maritime industry plays a major role in this crisis. About 8.5% of containers used for sea shipments are stranded at various ports around the world due to the Covid-19 pandemic, reports the World Bank. The president of the institution, David Malpass, during a press conference on the occasion of the annual meetings of the World Bank and the IMF, revealed the link between this phenomenon and the surge in food prices that followed. at the same time the appearance of the pandemic. “8.5% of global shipping containers are stranded at various ports around the world, which is double the Bank’s estimate in January 2021. The situation has affected supply chains and resulted in increased product prices, especially food“. Adding that the World Bank is working to reduce the number of these containers blocked in ports, but “that it will take time for all of this to be rectified.”

In the real economy, the immobilization of containers generates additional port costs which inflate the cost of goods for shippers, who are obliged to pass them on to end consumers.

Through ALSO WITH, Editorial committee –

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