A shortage of empty containers is building in China as domestic manufacturers, such as electric-vehicle (EV) makers, scramble to ship goods ahead of the imposition of higher US tariffs and other potential trade restrictions, reports Caixin. A surge in Chinese exports this month has led to a short supply of empty shipping containers, several logistics sources told Caixin. Some exporters are now willing to pay more than $1,000 to get a 40-foot container, more than triple the price of the same period last year, they said.
Exporters need to ship goods as soon as possible because most of Washington’s new tariff rates on Chinese imports will be implemented in three months, said Lu Chunrong, director of equipment operations at the logistics arm of China International Marine Containers Group Co. Ltd. (CIMC).
Last week, the Biden administration announced tariff hikes on $18 billion worth of Chinese imports, including EVs, semiconductors, lithium-ion batteries and solar cells. The move is part of a broader strategy said to prevent Chinese manufacturers from undercutting their US counterparts and threatening American jobs.