The Panama Canal provides $ 411 million (around 353 million euros) in less income due to the “uncertainty” of the world economy that will fall into the transit of the ship, the channel authority warned Tuesday. The interoceanic route tables $ 5,207 billion (around 4.47 billion euros) in revenue during the next fiscal year, which will begin on October 1, a fall of -7.4% compared to the one that will close on September 30.
According to the projections, 13,900 ships that transport approximately 520 million tons of load will pass between the Atlantic and the Pacific Ocean, or 1,100 and 1,200 ships less. “We are going through a period of great volatility, with high levels of uncertainty that indicate a possible decrease in the volume of traffic through the Panama Canal,” said Seaway administrator Ricaurte Vásquez, during the presentation of these projections in the Council of Ministers.
5% of global maritime trade
This last attributes this decrease in maritime traffic to the decrease in global growth forecasts, expected by 2.5% against 3.3% at the beginning of the year. “When the economy slows down, the volume of trade decreases,” he said. Ricaurte Vásquez had indicated the impact of customs surcharges sought by the president of the United States, Donald Trump, on Thursday, believing that “it would not be the same volume” of traffic to the United States.
Both Ricaurte Vásquez and the minister in charge of channel affairs, José Ramon Icaza, did not mention US punitive surcharges during his presentation.
The Panama Canal, 80 kilometers long, connects 1,900 ports through 170 countries. Its main road connects the ports of China, Japan and South Korea with the east coast of the United States. About 5% of global maritime traffic on this path. The main provider of foreign currency in the Panamanian state, the channel, despite the decrease in its general income, plans to pay the public treasure for $ 3,194 billion, approximately 400 million more than currently.
Source: BFM TV
