Chancay Port's Opening Shortens Latin America-Asia Trade Route

The newly inaugurated Chancay Port in Peru, built by Chinese companies, is set to streamline trade routes between Latin America and Asia. Officially opened on November 14, the port reduces the transit time for shipments from Peru to China's Shanghai to just 23 days.

This development promises significant economic impact for Peru, with an anticipated annual benefit of $4.5 billion, constituting 1.8% of its GDP. The port also projects thousands of new jobs, both direct and indirect, for the local population.

Peruvian exporters, such as alpaca plush toy maker Ysabel Zea, expect to reach broader markets due to this advancement. The new route shortens the previous 60-day shipping period considerably, enhancing business prospects and income for artisans in Peru.

This port development extends opportunities beyond China, facilitating access to Japan, South Korea, and Southeast Asia, thereby increasing the availability of Latin American goods across the region.