Cost of shipping low cost apparel up 500%

NEW YORK – Soaring shipping costs, port disruptions and logistical chaos could see a shift to near-shoring for fashion and textiles, new research suggests. The cost of shifting freight has more than quadrupled in the past 12-months according to research by consultants Jernigan Global. The Drewry Composite Index of Container Freight Cost, which lists freight rates for the world’s largest eight routes, reported in 2018 and 2019 that rates moved between approximately 1150 USD and 1800 USD for a 40-foot container with seasonal demand influencing the price. On June 24, 2021, the Drewry index hit a new record high of 8,081.65 USD per 40-foot container.