08/11/2021
Shipping container shortage
Large steel shipping containers are pivotal to global supply chains. In 2020, the U.S. imported more than $1 trillion worth of goods from Asian countries. And most of those consumer goods make their way to the U.S. on container ships. To get a sense of the scale, a single container can hold 400 flat-screen TVs or 2,400 boxes of sneakers. But many of those containers making their way to the U.S. don’t have a way to get back to Asia. The reasons involve a lack of workers, complicated customs procedures and a host of other problems. The shortage has driven up the price of containers fourfold over the past year, which in turn is contributing to higher consumer prices.
