HomeTopicsBusinessPanama Canal breaks cargo record despite pandemic, US-China trade war

Panama Canal breaks cargo record despite pandemic, US-China trade war

The Panama Canal broke its cargo transit record in fiscal year 2020 with the passage of 475 million tons through its waters, despite the pandemic and the trade war between the United States and China, an official source reported Monday.

From October 1, 2019 to September 30, 2020, 475.1 million tons crossed the canal, announced the Panama Canal Authority (ACP).

That tonnage is 1% higher than the previous record, obtained in the previous fiscal year, when 469 million tons were transported through the canal.

However, the ACP acknowledged that the mark reached is 4% lower than initially projected.

In addition, 13,369 vessels crossed the Panamanian isthmus, slightly below the previous year and 2% fewer than expected.

“Fiscal year 2020 was marked by the trade war between the United States and China, the tightening of environmental policies in the maritime industry and, of course, the pandemic, which continues to impact the world economy,” the ACP said in a statement.

According to the ACP, 3.5% of world trade passes through this 80-kilometer canal. Its main users are the United States, China and Japan, and it facilitates routes from Asia to the North American east coast.

Container ships remained the most important segment, contributing 166.3 million tons, or 35% of total cargo.

The canal authority highlighted that the fiscal year that has just concluded “presented two different scenarios” due to the pandemic.

On the one hand, the first semester “was above projected expectations.” But during the second semester, the new coronavirus “disrupted life and the world economy.”

According to the ACP, the months with the worst results were from May to July, with a reduction of around 20% in transits — mainly in the segments of passenger ships, vehicle carriers and liquefied natural gas.

The Panama Canal “reflects the trends of the global economy,” for which this year a contraction of between 5% and 6% is expected as a result of the pandemic, said the ACP, based on estimates from the International Monetary Fund (IMF).

The United States, the main user of the canal, could see its economy contract up to 8%.

 

Trending Now

Costa Rica Could Lose 24-Hour Tsunami Monitoring Over University Cuts

Costa Rica's tsunami warning center says it will stop round-the-clock monitoring of the country's coasts on Jan. 1, 2027, unless the government and lawmakers...

Comic Con Costa Rica 2026 to Showcase Local Fantasy and Science Fiction Authors

Fantasy, science fiction, and dystopian stories written by Costa Rican authors will take center stage at Comic Con Costa Rica 2026, bringing local literature...

Costa Rica Mayor Investigated in Guanacaste Beachfront Hotel Permit Scandal

Costa Rican prosecutors are investigating the mayor of Santa Cruz, his son and seven others over suspected irregularities involving beachfront hotel construction permits and coastal land concessions in Guanacaste.

Planned US Embassy Visit Leads to Arrest of Man Wanted in Georgia

A man wanted in Georgia was detained in Costa Rica after US authorities flagged a planned visit to the US Embassy.

Costa Rica Declares Its First Red Alert at Sea as El Niño Drought Hits Guanacaste

If you live in Guanacaste or on the southern tip of the Nicoya Peninsula, or you're heading there soon, you're now in the part...

Bryan Ruiz Named Costa Rica Head Coach After Two Wins as Interim

Costa Rica has named former captain Bryan Ruiz head coach of its men's national team, giving the permanent job to the man who led...

Costa Rica Opens Bidding for $770 Million San José–San Ramón Highway Expansion

Costa Rica has opened international bidding for a $770 million expansion of the San José–San Ramón highway. The project includes additional lanes, new bridges, upgraded interchanges and proposed tolls, with construction expected to begin in 2027.

Will Costa Rica’s New Megaprison Make Life Safer?

Leave it to the Frente Amplio (Broad Front) political party to spoil the fiesta. Our sparkling new 34 million dollar megaprison was all ready...

Spotify Introduces New Family Plan Verification Rules in Costa Rica

Spotify is tightening its rules for Premium Family subscriptions in Costa Rica, introducing a verification system that requires selected users to prove they live...
Loading…

Latest News from Costa Rica

Costa Rica Coffee Maker Chorreador
Costa Rica Car Rentals
Costa Rica Travel Insurance
Costa Rica Travel