Global chip shortage likely to last through 2023: US official

Washington: The global shortage of critical semiconductors is likely to last at least through next year and perhaps longer, US Commerce Secretary Gina Raimondo warned on Tuesday.

Shutdowns of key Asian suppliers due to the Covid-19 pandemic crippled supplies last year, just when American consumers, flush with cash from government aid, went on a spending spree buying cars and electronics, which depend on the chips.

“I do not unfortunately see the chip shortage abating in any meaningful way anytime in the next year,” Raimondo told reporters following her recent trip to Asia.