Suez blockage could add to pressure on shipping costs

Data from the CPB Netherlands Bureau suggested that world trade had shrugged off rising shipping costs up to January, with real goods trade rising by 2.5% m/m. The outlook is broadly positive. But if the grounding of the huge container ship in the Suez Canal is not resolved soon, it could push freight rates even higher, causing a further rise in manufacturers’ costs and exacerbating temporary supply shortages.