Delays and Sharp Price Increases in Container Freight Transport
From mid-2020, freight rates for shipping containers climbed to unprecedented heights. The rapid recovery of goods production and peculiarities in the recovery pattern of world trade due to changing consumer preferences during the COVID-19 pandemic were among the most important reasons. The slowdown in the maritime supply chain and the Suez Canal blockade further exacerbated the situation. The shipping route from Asia to Europe was particularly affected by price increases.
Austria imports goods worth 14.5 billion € from Asia and around 40 percent (5.6 billion €) of this via the sea route. China accounts for more than half of these maritime Asian imports. The majority of these are motor vehicles, mechanical and electrical appliances (e.g., washing machines, refrigerators), furniture and other consumer goods. Overall, about 17 percent of Austria's extra-EU imports or about 4 percent of Austria's total imports could be affected by the rapid increase in costs on the shipping routes from Asia to Europe. International forecasts currently assume that the resulting supply problems will ease over the year and will not significantly affect the growth prospects for production and foreign trade.
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