Global Market Scan: New challenges for global seaborne trade

World trade was severely impacted during the COVID-19 pandemic, with shipping costs rising and pushing global inflation higher. The Suez and Panama Canals were not exempt from the effects of the pandemic, being key parts of major global supply chains. After pandemic restrictions eased, supply chains were restored and international sea-freight shipping recovered.

According to New Zealand’s Ministry of Foreign Affairs and Trade, if the canal were blocked even for a day, it could cost US$6 to $10 billion and decrease global trade by 0.2 per cent to 0.4 per cent. In January of this year, the level of trade through the canal reached its lowest point in the last three years, going back to when it was last blocked by the Ever-Given supercargo ship.

Piracy and regional geopolitical conflicts remain major factors disrupting Suez Canal operations. Decreasing traffic through the Suez Canal, with trade ships seeking out safer alternative routes, results in heightened transportation costs and longer delivery times, pushing up global inflation.2.5 per cent of worldwide seaborne trade passes through the Panama Canal on average annually, with 14,000 commercial ships using the route last year. The canal is the link between the U.S.

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