About 15% of the world’s maritime trade passes through the Suez Canal, and 5% through the Panama Canal.
In January-February this year, trade through the Suez Canal decreased by 50% compared to 2023, and through the Panama Canal by 32%. This is confirmed by the IMF report.
“Estimates show that the volume of trade passing through the Suez Canal fell by 50% in the first two months of the year, while the volume of trade passing through the Cape of Good Hope, according to our estimates, increased by 74 % compared to last year. Meanwhile, the volume of transit trade through the Panama Canal decreased by almost 32% compared to last year, “said the report.
Attacks on ships in the Red Sea have reduced traffic in the Suez Canal, through which about 15% of global maritime trade passes, and few shipping companies use routes that bypass the Cape of Good I hope. This increased delivery times by an average of 10 days, which hurt companies with limited inventory.
In the case of the Panama Canal, the decrease in trade volumes is related to the drought: the authorities were forced to impose restrictions that significantly reduced the daily number of ships since October last year, slowing in maritime trade through the Panama Canal, which accounts for approximately 5% of global maritime trade.
At the end of January, it was reported that transit through the Suez Canal had fallen by 45%.
It was previously reported that the Panama Canal has limited the number of ships passing through it.
Source: korrespondent
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