Global trade slips in May as container shipping congestion reaches North Sea

Global trade dipped 1 per cent in May from the previous month as container shipping congestion and delays stretched to European ports in the North Sea, according to Kiel Trade Indicator data.

For the first time since the outbreak of the Covid-19 pandemic, container ships are now also jammed in the North Sea off the ports of Germany, the Netherlands, and Belgium, the Kiel Institute for the World Economy said in its monthly report. Currently, just under 2 per cent of global cargo capacity is stuck in the area and can neither be loaded nor unloaded.

“Overall, May trade is rather restrained and continues the sideways movement of recent months. However, international trade is again suffering more from the congestion and delays in container shipping, which have now also reached the North Sea,” Vincent Stamer, head of Kiel Trade Indicator, said.

BUSINESS, SHIPPING, EUROPE, NORTH SEA

The pandemic highlighted significant challenges in the logistics sector, with many cargo customers struggling to find shipping containers amid labour disruption in the industry. The acute supply chain bottlenecks have led to congestion and delays at ports, a shortage in containers and a sharp rise in the cost of shipping goods.

Read More : https://www.thenationalnews.com/business/2022/06/08/global-trade-slips-in-may-as-container-shipping-congestion-reaches-north-sea/

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