I wonder if the shipping agents in Singapore are getting ready for this and the new port in Chancay, Peru
Mexico Looks Past Trump Threats With $2.7 Billion Port Expansion
By Alex Vasquez Bloomberg November 23, 2024
Nov 23, 2024 (Bloomberg) –Mexico is looking beyond the incoming Trump administration’s threats of tariffs, betting on a bright future for global merchandise trade no matter what actions its northern neighbor and biggest trading partner takes.
While Donald Trump promises 60% levies on goods imported from China and 20% on the rest of the world, Mexico is making a substantial investment to more than double the capacity of its main commercial port — a show of confidence that imports and exports will increase significantly in the coming years.
The 55 billion-peso ($2.7 billion) expansion of the Navy-run Port of Manzanillo, located in the western state of Colima on the Pacific Ocean, would vault it into the top 20 container ports in the world. That represents a huge leap from its current position of 53rd in the latest Lloyd’s List ranking and would position it as the busiest in Latin America.
With completion targeted for 2030, the expanded port would cover more than 1,800 hectares (4,448 acres) compared with the existing 450 hectares. That additional land and more equipment will allow annual capacity to more than double to 10 million 20-foot containers, said retired Admiral Mario Alberto Gasque, general director of Asipona Manzanillo, the Navy agency that runs the facility.
Annual volumes at that level would put Manzanillo on par with the Port of Los Angeles, the busiest US gateway for maritime trade.
Among the main products the port receives from more than 140 countries are materials for the automotive industry, agricultural products and steel, Gasque said. The public sector will fund about a quarter of the investment, with the private sector financing the rest.
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