No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

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

Forbes Highlights Costa Rica Oxcart Painting Experience

A hands-on workshop that allows visitors to create their own version of Costa Rica’s traditional painted oxcart designs has earned international attention as travelers...

Costa Rica Gives Final Approval to “Macho Coca” Extradition

Costa Rica has authorized the immediate extradition of Gilberth Bell Fernández, the Limón businessman known as “Macho Coca,” clearing the final judicial hurdle for...

Costa Rica Approves Wildlife Crossings Law to Protect Animals

Costa Rica’s Legislative Assembly unanimously approved a bill today requiring wildlife protection measures in new and existing public infrastructure projects, a major legal step...

Where You Can Fly Nonstop to Costa Rica This High Season

Fourteen new or expanded nonstop routes reach Costa Rica between October and March, including Breeze Airways' debut and the first-ever direct flights from Poland. One heavily promoted route was cancelled before it ever flew. Full list with dates and days.

Costa Rica Escalates Court Fight With Criminal Complaint Against Judges

The governing party filed a criminal complaint against four Constitutional Chamber judges on Monday. Judicial unions have called a protest for Thursday, August 6.

Why the Cincinnati Open Is the Last Major Test Before the US Open

The Cincinnati Open begins opening its grounds to fans this weekend, but for the players arriving in Mason, Ohio, the tournament carries considerably more...

Costa Rica Faces Months of Drought as El Niño Intensifies

Costa Rica doesn't take direct hurricane hits often, but this year's El Niño is playing out with the same shape as one, tracked for...

Costa Rica Orders AyA to Compensate Customers Over Excess Water Charges

An audit put improper water, sewer and hydrant charges at roughly ₡65.4 billion and gave AyA and Aresep until June 2027 to define how customers will be paid back.

Costa Rica Reopens Immigration Category for 10,000 Rejected Asylum Seekers

Costa Rica's immigration agency expects to regularize about 10,000 people under a special category reopening to applications on September 1.
🌴 The Weekly Pura Vida

Costa Rica, Once a Week

The week's top stories, weather & insider tips — delivered every Sunday. One email, zero clutter.

🔒 Free. No spam. Unsubscribe anytime.

Loading…

Latest News from Costa Rica

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