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World

AFP
October 12, 2018

Record cargo shipped via Panama Canal

World

AFP
Fri, Oct, 18

Panama City: A record 442 million tons of cargo was shipped through the Panama Canal over the past fiscal year, despite the US-China trade war, officials said Thursday.

The figure reflects a 9.5 percent rise compared to last year, the waterway´s administration said in a statement.

"The Panama Canal closed the 2018 fiscal year (October 1, 2017 to September 30, 2018) with a historic tonnage record of 442.1 million tons," it said.

The main routes passing via the canal in terms of amount of cargo were from the US east coast to Asia and South America.

An estimated five percent of global maritime trade passes through the canal, with almost two-thirds going to or coming from the US.

This year´s record was set despite the trade war between the US and China, its two main users, with 86 percent of 2017´s total cargo.

But canal administrator Jorge Quijano recently said a $50 million fall in revenue is projected for the coming year as a result of the feud between Washington and Beijing.