25 Feb
China has officially opened the Chancay Port in Peru, a $3.6 billion deep-sea terminal aimed at revolutionizing trade between Latin America and Asia. Launched under China’s Belt and Road Initiative (BRI) and operated by the China Ocean Shipping Company (COSCO), the port eliminates the need to route shipments through North America. With COSCO holding a 60% stake, the port is expected to cut shipping times by 10 days and lower logistics costs by over 20%, significantly benefiting regional trade. Chinese President Xi Jinping called it a “new land-sea corridor” strengthening Beijing’s global trade presence.
Strategically located 78 kilometers from Lima, Chancay Port is projected to contribute $4.5 billion annually to Peru’s economy, equivalent to 1.8% of its GDP. The facility boasts advanced infrastructure, including four berths capable of handling ultra-large container ships of up to 18,000 TEUs. It will serve as a major export hub for copper, soybeans, blueberries, and lithium—critical resources for the electric vehicle industry. Peruvian President Dina Boluarte hailed the project as transformative, positioning the country as a global logistics and industrial powerhouse.
Despite economic advantages, the project has sparked geopolitical concerns in the U.S., where officials warn of China’s growing influence in Latin America. Some policymakers urge greater American investment in the region. With operations starting in 2025, the port aims to expand further, enhancing global trade routes.
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