The amount of cargo passing through the Panama Canal is expected to shrink this fiscal year, the canal's top authority said on Wednesday, with experts warning lower volumes could hurt Panama's economy.
Canal Administrator Ricaurte Vasquez said the institution forecasts just 500 million tonnes of goods passing through the 50-mile trans-oceanic waterway in the 2023 fiscal year, some 10.3 million less than the previous forecast.
Vasquez blamed the slowdown in part on Russia's war in Ukraine, fears of a global recession and lower commercial activity in China. The canal is losing out on traffic from ships that once carried fuel and gas from the U.S. to Asia, but now go to Europe and bypass the Panama Canal, Vasquez said at a conference.
"We are losing approximately two daily transits of the liquefied natural gas vessels ... We have partially compensated for this drop with higher prices," Vasquez said.
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