The Chinese port of Guangzhou has initiated a direct shipping route to the Peruvian port of Chancay, aiming to lower logistics expenses and bolster trade with Latin America, as reported by CCTV. This development occurs as Beijing seeks to enhance its ties with Latin America amidst ongoing trade tensions with the United States.
On April 29, the 300-meter-long COSCO Volga departed with over 400 refrigerated containers, household appliance accessories, automotive parts, and other goods manufactured in Guangdong. The direct route to Peru takes approximately 30 days, offering a 20% reduction in logistics costs.
This new service is also set to expedite connections between the port of Guangzhou Nansha and ports along the West Coast of Latin America, including Manzanillo in Mexico and San Antonio in Chile.
According to CCTV, exports of appliances, electronics, furniture, and toys to Latin America are increasing. Additionally, high-quality fruits and seafood from the Pacific coast, along with red wine from the Andes, will reach China more swiftly.
The first phase of the Chancay port, constructed by Cosco with a US$1.300 billion investment, was inaugurated in November by Peruvian President Dina Boluarte and Chinese President Xi Jinping during the Asia-Pacific Economic Cooperation (APEC) summit in Lima.
Characterized as a deepwater port with 15 berths, Xi described it as the beginning of a "21st-century maritime Silk Road," aligning with China's Belt and Road Initiative.
Further investments in the port of Chancay are anticipated, as Beijing and Lima collaborate to establish it as a key shipping hub between Asia and South America.
Source: Blueberries Consulting