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What is driving the recent surge in shipping costs?

Author

Listed:
  • Attinasi, Maria Grazia
  • Bobasu, Alina
  • Gerinovics, Rinalds

Abstract

A rapid recovery in activity and trade has lengthened supplier delivery times, while international shipping costs have also increased. This box analyses the factors driving the surge in shipping costs by means of a Structural VAR model. It concludes that recent developments reflect rising demand and, to a smaller degree, supply constraints in the shipping industry. At the same time, the impact of rising shipping costs on overall consumer prices is expected to be limited. JEL Classification: C11, F01, F41

Suggested Citation

  • Attinasi, Maria Grazia & Bobasu, Alina & Gerinovics, Rinalds, 2021. "What is driving the recent surge in shipping costs?," Economic Bulletin Boxes, European Central Bank, vol. 3.
    • Handle: RePEc:ecb:ecbbox:2021:0003:1
    Note: 930374
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2021/html/ecb.ebbox202103_01~8ecbf2b17c.en.html
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    Citations

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    Cited by:

    1. Elisabeth Christen & Yvonne Wolfmayr, 2021. "Verzögerungen und starke Preissteigerungen im Containerfrachtverkehr – Bedeutung für den österreichischen Außenhandel," WIFO Research Briefs 7, WIFO.
    2. Dorijan Naletina, 2021. "Impact Of Disruption In The Supply Chain On The Flexible Packaging Industry During The Covid-19 Pandemic (Uticaj Disrupcija U Lancu Snabdevanja Unutar Industrije Fleksibilne Ambalaže Uzrokovanih Pande," Ekonomske ideje i praksa, Faculty of Economics and Business, University of Belgrade, issue 42, pages 73-89, September.
    3. Carrière-Swallow, Yan & Deb, Pragyan & Furceri, Davide & Jiménez, Daniel & Ostry, Jonathan D., 2023. "Shipping costs and inflation," Journal of International Money and Finance, Elsevier, vol. 130(C).
    4. Kevin Cullinane & Hercules Haralambides, 2021. "Global trends in maritime and port economics: the COVID-19 pandemic and beyond," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 23(3), pages 369-380, September.
    5. L. Blázquez & C. Díaz-Mora & B. González-Díaz, 2023. "Slowbalisation or a “New” type of GVC participation? The role of digital services," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 50(1), pages 121-147, March.

    More about this item

    Keywords

    global activity; global shipping costs; inflationary pressures; supply shortages;
    All these keywords.

    JEL classification:

    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • F01 - International Economics - - General - - - Global Outlook
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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