Pandemic-induced container shortage hampering trade recovery but there are lessons for the future, says policy brief When the Ever Given megaship blocked traffic in the Suez Canal for almost a week in March, it triggered a new surge in container spot freight rates, which had finally started to settle from the all-time highs reached during the Covid-19 pandemic. Shipping rates are a major component of trade costs, so the new hike poses an additional challenge to the world economy as it struggles to recover from the worst global crisis since the Great Depression. “The Ever Given incident reminded the world just how much we rely on shipping,” said Mr Jan Hoffmann, Head of UNCTAD’s trade and logistics branch. “About 80% of the goods we consume are carried by ships, but we easily forget this.” Container rates have a particular impact on global trade, since almost all manufactured goods – including clothes, medicines and processed food products – are shipped in containers. “...