Due to the dramatic increase in freight rates during 2020 and 2021, import and consumer prices are projected to increase as well. While on the global level, the price for importing goods is expected to increase by 10.6 percent, different states will be affected differently. It is projected that for small island developing states, import prices will go up by more than 24 percent.
Projected impact of 2020 and 2021 container freight rates increase on import and consumer price levels through 2023, by state type
The impact of container freight rate surges on prices is assessed based on a 243 percent increase in the China Containerized Freight Composite Index between August 2020 and August 2021. The simulation model assumes that freight rates in August 2021 will be sustained over the remaining simulation period (September 2021 to December 2023) and all other factors are held constant over the entire simulation period (August 2020 to December 2023).
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UNCTAD. (November 18, 2021). Projected impact of 2020 and 2021 container freight rates increase on import and consumer price levels through 2023, by state type [Graph]. In Statista. Retrieved November 15, 2024, from https://www.statista.com/statistics/1277673/impact-of-container-freight-rates-on-import-and-consumer-prices/
UNCTAD. "Projected impact of 2020 and 2021 container freight rates increase on import and consumer price levels through 2023, by state type." Chart. November 18, 2021. Statista. Accessed November 15, 2024. https://www.statista.com/statistics/1277673/impact-of-container-freight-rates-on-import-and-consumer-prices/
UNCTAD. (2021). Projected impact of 2020 and 2021 container freight rates increase on import and consumer price levels through 2023, by state type. Statista. Statista Inc.. Accessed: November 15, 2024. https://www.statista.com/statistics/1277673/impact-of-container-freight-rates-on-import-and-consumer-prices/
UNCTAD. "Projected Impact of 2020 and 2021 Container Freight Rates Increase on Import and Consumer Price Levels through 2023, by State Type." Statista, Statista Inc., 18 Nov 2021, https://www.statista.com/statistics/1277673/impact-of-container-freight-rates-on-import-and-consumer-prices/
UNCTAD, Projected impact of 2020 and 2021 container freight rates increase on import and consumer price levels through 2023, by state type Statista, https://www.statista.com/statistics/1277673/impact-of-container-freight-rates-on-import-and-consumer-prices/ (last visited November 15, 2024)
Projected impact of 2020 and 2021 container freight rates increase on import and consumer price levels through 2023, by state type [Graph], UNCTAD, November 18, 2021. [Online]. Available: https://www.statista.com/statistics/1277673/impact-of-container-freight-rates-on-import-and-consumer-prices/
