The dwindling of the Panama Canal boosts rival trade routes
But they may end up more complementary than competitive
IT HAS BEEN an unhappy new year in the world’s busiest shipping lanes. Houthi rebels began attacking vessels passing into the Red Sea through the Bab al-Mandab Strait in early December. Trade volumes through the Suez Canal dropped by 40% as ships diverted around southern Africa. Trade through the Panama Canal, the second-busiest man-made shipping lane, has also dipped by 30% since November.
This article appeared in the The Americas section of the print edition under the headline “Dire straits”
From the January 13th 2024 edition
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