TRANSPORT
Peru’s Chinese-built megaport to reshape Pacific trade
November 14, 2024 - The $3.5 billion Chancay port is expected to become a major hub for trade between South America and Asia, challenging U.S. influence in a resource-rich region that Washington long considered its backyard.
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Peru, the world’s no. 2 copper exporter, is set to host the Asia-Pacific Economic Cooperation (APEC) summit on Nov 13-15, with China’s President Xi Jinping expected to attend and inaugurate the Chancay port.
Chancay, the argest deep water port in South America – is expected to be a major hub for imports of Asian electronics, textiles and other consumer goods and for the export of minerals, including lithium from Chile and copper from both Chile and Peru.
The port’s operations are expected to begin as international concerns grow over dealing with the U.S. with a newly re-elected Donald Trump as president.
Over the last ten years, Beijing has unseated the U.S. as the largest trade partner for South America.