The global shortage of containers has driven freight costs to record highs. China's exports in November were boosted by a recovery in manufacturing and strong foreign demand, but the country recently imported only one container for every three exported. The COVID-19 outbreak has delayed the return of containers to China.

The Ningbo Container Freighting Index (NCFI) for exports from China to Singapore and Malaysia surged nearly 300 percent between early October and early December, but some exporters say unruly operators are raising prices.

Liberty times quoted by Reuters, yiwu city, zhejiang province, export manufacturing center of wal-mart suppliers, Charles Xu said, although at present the company internal has received many orders, the factory also with goods, but because the container schedule cannot be accurately, now can not shipment, every business and raise the price of renting the container.

Another Yiwu supplier of daily necessities and stationery points out that bad operators are raising prices too much: "The cost of each container is Rmb3,000, but the freight is already three times the normal price. Everyone is basically making money except us exporters."

According to the China Container Industry Association (CCIA), the average container turnaround time has increased from 60 days to 100 days as the COVID-19 has reduced container handling capacity in the US and Europe, exacerbating the shortage.

U.S. importers have reported shipment delays in November, while the global fleet of international air carriers that often carry cargo has been grounded, increasing demand for cargo by sea.

Although container manufacturers have gradually increased capacity, they are still struggling to meet market demand.

CCIA data also noted that China's monthly container production hit 300, 000 containers in September, a five-year high for the country.

But shortages of steel, flooring timber and qualified welders are expected to further limit container production.

Fares to Europe from China have risen 142%, while those to the Suez Canal have risen 103%, according to Refinitiv Eikon's Freightos.

The cost of shipping a 40-foot container from China to the East Coast of the United States reached $4,928 this week, an 85 percent increase since June 1.

NCFI shipments from China to Malaysia and Singapore rose by nearly 300 percent between early October and early December as Southeast Asian exporters competed to bid for cargo space.

Reuters said shipping associations in South Korea, Malaysia and elsewhere are seeking local government support to offset rising shipping costs in the face of the COVID-19 pandemic, while others are trying to sell more goods domestically.

Other exporters, however, who have no choice, are forced to pay.

"Sometimes we just have to wait endlessly until you get the hang of it and ask the container shippers how much it is," said Hill Xiao, who runs an export business in China's Guangdong province.

If you can't get containers, you can't move goods and you can't get revenue, and that really puts pressure on our cash flow."

Frederic Neumann, head of Asia economics at HSBC, said: "We are seeing exceptionally high demand for goods around the world on expectations of a recovery in service-led economies, particularly in the west, but we are likely to cool as we go into 2021.

At the same time, once the COVID-19 vaccine is approved and rolled out, some logistical bottlenecks, such as a lack of passenger aircraft to carry cargo, should be alleviated in the future."