Why is shipping from China so expensive now?

From 2020, the shipping cost in China jumped by nearly 360%. This significantly affected the businesses that rely solely on imported products. The primary reason behind this price increase is the Coronavirus outbreak.

Shipping from China has become highly expensive due to increased shipping demand and container shortage. Some other reasons include continued global imbalances due to the pandemic, few alternatives to ocean freight, port congestion, and container shortage.

It costs around $10000 (USD) to ship a 20ft container from China to the West Coast and $12000 to send it to the East Coast. A 40HC container will cost $18000 to the West Coast and $20000 to the East Coast of the United States.