Recent China shipping rates have skyrocketed
Recent shipping rates have skyrocketed as much as 187% over equivalent China - US West Coast shipments from the previous year, and as much as 84% over China - US East Coast shipments.
There are several contributing factors that could explain the rise:
As a result:
The prospects for future volumes and activity remain mixed. Predictions vary from strong stable volumes for the remainder of the year, to steady declines for the remainder of 2020.
New areas of tea production are increasing their yields while more familiar tea provinces experience flatter growth or declines
The US tea market has plenty of room for further growth, but won't be more of the same