With the on-going Omicron variant slowing down major ports and disrupting global supply chains,… shipping and air freight rates are skyrocketing.

Just last Friday,… the Shanghai Containerized Freight Index,… which reflects ocean freight rates,… hit a record high, breaking the 5-thousand mark for the first time in its history.

Exporters are taking a hit from the higher freight rates.

To ease such concerns, the government has decided to expand its logistics support for the country’s exporters.

According to the Ministry of Trade, Industry and Energy on Wednesday, at least four ships will be provided every month throughout 2022 for the busiest ocean shipping routes including routes to the U.S.

The government also plans to expand its financial support for logistics costs to 26.7 million U.S. dollars.

That’s an increase of 20 percent from a year earlier.

Also, during the first half of this year, loans of up to 1-hundred-25-million dollars will be provided to firms hit by the logistics disruptions.

In the long term, new distribution centers will open at ports in the Netherlands, Indonesia and Spain.

Praising last year’s record high export figures the government pledged its full support to extend such growth momentum.
Source: Arirang