I think the focus of conjecture should be the number of logistic links that
exist in each subcomponent of a complete bicycle. It's not enough to point
out the inability of lesser priced parts like chains and derailleurs to
"eat" the shipping cost increases but to look at the number of shipments
Patrick—
It is both.
Example: a lot of bike components are made in China, but they are having
blackout problems due to a coal spat with Australia.
https://oilprice.com/Energy/Coal/Chinese-Cities-Go-Dark-Amid-Energy-Spat-With-Australia.html
Example: there is the global shipping container shortage
