Belize - and the world - is in for another round of inflation induced by shipping costs and delays.
Global container rates have spiked due to a variety of reasons and this will drive up shelf prices - while also delaying shipments.
We spoke today with Delroy Fairweather, a local broker, who shared the reason for the delay and its possible inflationary effects.
Delroy Fairweather, Customs Brokers Association of Belize
"Basically, we have the vessels coming from China now that has to be diverted around Africa. They would normally go through, I think, the Mediterranean and then through the Suez Canal. So that they can shorten the transit time, but because of the situation that's happening where these vessels are constantly being attacked."
"So obviously what that is doing that it's creating a bottleneck for containers and cargo vessels."
"Rates maybe going back to the pandemic level which would have been for a four- or five-foot container from China at $20 thousand US dollars. And if it goes back to that then we are where we were with the pandemic."
Shantel Neal:
"Are there any other inflationary effects that consumers will experience?"
Delroy Fairweather:
"Definitely because of course you know that we import almost everything here in Belize. So you know, I'm looking at, you know, gradually increase in prices, you know, whose stuff, clothing, vehicles, construction supplies, you know, basically limit everything you know it will definitely have a negative effect on us."
In terms of advice for those whose livelihood depends on the shipping industry, Fairweather advises that you should shop smart and buy the stuff that you need rather than what you want.
