Despite an economic downturn in the United States, maritime authorities in Panama are projecting a ten percent increase in the number of shipping containers transported through Panama ports in the next year, as reported last week by Reuters. It is predicted that 5.6 million 20-foot shipping containers will be handled at Panama ports in 2024, up from 5 million this year. The number of shipping containers has nearly doubled since 2024, partially due to the increase in demand for raw material from China. China has been increasingly interested in investing in Panama, and has expressed interest in investing in a new mega-port project on the Pacific entrance to the canal. Panama plays crucial role in the Latin American shipping industry, as nearly 40% of shipping containers in Latin America are handled by the Panama Canal.
The projected increase in shipping volume should be good news for Panama’s dollarized economy, which is likely to feel pressure from the current downturn in the United States, and is revealing how much the high demand for goods in China may be impacting Panama’s economy in the future. As China begins to increase its influence in important shipping areas such as Panama, it will be interesting to see what effects this will have on Panama’s economy and real estate markets in the long term.
It is projected that container shipments in Panama will increase 10% in the next year (photo from www.wikipedia.org)
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Fantastic news for the Panamanian container industry!