The ongoing container crisis has had significant impact on global food trade. Shipping empty containers back to China has become so profitable that many food shippers are having to fight for containers. The core issue is that China, which has recovered faster from COVID-19, has revved up its export economy and is paying premiums for containers, making it far more profitable to send them back empty than to refill them. The high freight rates may now be affecting the cost of some foods, with white sugar prices surging to a three-year high last month as an example.
