Panama Reports Decreased Activity In Its Channel: Attributed To US-China Trade War

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Commercial activities in the Panama Canal show a decrease in the volume of cargo and movement of merchandise containers , which is attributed to the current commercial war between the United States and China .

According to a recent report from the Ministry of Economy and Finance (MEF), the tensions originated and other situations generated in the global environment, weaken the activities of the route of the commercial port of the country, as reported through the news agency Latin press.

Thus the data released in the aforementioned report reflect that since March this year there has been a downward trend in cargo activities that crosses the interoceanic route to reach 5.5% less in May , just when the disputes began of trade tariffs between the two powers.

The MEF report refers to the fact that in February of this year there was a maximum peak of growth in the movement of containers, before the warnings made by the United States, but that movement stopped and began to descend to reach 1, 8% in May.

In relation to this situation, the administrator of the Panama Canal Authority, Jorge Luis Quijano, acknowledged the negative impact of the commercial war between the United States and China on the activity of the canal , so he commented that although the projections for The fiscal year is maintained, the amount of money raised will be less.

«This year we would have made an additional $ 30 million if there was no tension between the United States and China. This (the commercial dispute) has affected us. We are very well, but we could be much better, ”he said.

According to Quijano, the budget for the next fiscal year of the channel, from October 1, 2019 to September 30, 2020 , suffered adjustments as a result of the situation described above.

Through the Panama Canal it crosses about six percent of world trade, while the road connects more than 140 sea routes and 1,700 ports in 160 countries.

Panama Reports Decreased Activity In Its Channel: Attributed To US-China Trade War

 

Source: Economia Noticias24

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