The low water level in the Panama Canalgenerated by the droughts registered since May, could affect the growth of Peruvian exports to Europe and Africa for this year, and could worsen with El Niño, according to the Institute for Foreign Trade Research and Development of the Lima Chamber of Commerce ( idexcam).
“We must keep in mind that in the second half of 2022 the value of exports totaled US$4.450 million, but with this problem the performance of our shipments in this second semester could be affected, of extending the restrictions established by the Panamanian authorities”, said the executive director of Idexcam, Carlos Posada.
Due to a lower water level in the Panama Canal, the number of vessels that pass through this route daily has been reduced from 38 to 32.
6% of world trade passes through the Panama Canal and every year more than 12,000 ships pass through more than 140 routes to more than 160 countries. In the case of Europe, annual Peruvian shipments amount to US$8,397 million, value that is equivalent to 14% of total annual exports, while resources worth US$283 million (0.5%) are sent to Africa.
In this scenario, the main Peruvian economic sectors that could be affected are non-traditional agriculture —which has a 27% share of total Peruvian maritime exports to Europe—, followed by mining and oil and natural gas, with shares 26% and 19%, respectively.
Fact:
- Liquefied natural gas, copper and zinc minerals, unroasted coffee, as well as avocados, blueberries and fresh grapes are the main products that go to Europe.
Source: Larepublica
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