Weaker Demand for Chinese Goods Spells End of Shipping Boom [Yahoo! Finance News]
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Source: Yahoo! Finance News
Weaker Demand for Chinese Goods Spells End of Shipping Boom12 September 26, 2022, 6:09 AM·6 min read() -- The cost of shipping goods from China has slumped to the lowest level in more than two years as the world economy stumbles, dimming prospects for container carriers that turned in record profits during the pandemic.Most Read from A 40-foot shipping box from the world’s largest port of Shanghai to Los Angeles fetched $3,779 last week, the first time the spot price was below $4,000 since September 2020 and half the level of three months ago, according to Drewry. More declines are expected in the next few weeks, it said.While the value of Chinese exports was still rising through August, it’s expected to continue to slow down. That’s a symptom of multiple headwinds hitting developed and developing economies alike, from soaring inflation and a surging dollar to central bank interest-rate hikes and trade disruptions blamed on Russia’s war in Ukraine.“It’s fair to say that the demand out
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