PortEconomics members Ricardo J. Sánchez and Eliana P. Barleta highlight that in the aftermath of the pandemic, the impact on container maritime trade was evident, as disruptions in global supply chains during the early months of 2020 affected international container trade. With the reopening of markets and the revival of economies, an increase in cargo movement was observed across all regions in 2021. However, global maritime activity experienced a slowdown following the onset of the conflict between Russia and Ukraine, coupled with the stringent lockdown measures implemented by China under its “zero-COVID” policy. It is very clear that, by 2023, the Americas had yet to fully recover pre-pandemic levels of maritime trade. From a sample of terminals and ports in the countries analysed, only two countries in Latin America and the Caribbean showed positive results when comparing port activity from January to July 2023 with the same period in 2022, and only a handful of individual terminals showed a positive trend. In North America, only three ports were experiencing growth. The rest of the continent was facing declines, in many cases at a double-digit rate.
According to the data studied in this report, which covers the period from January to July 2024 (note that some ports have only reported data up to June), the situation is showing signs of reversal. The WTO Barometer, issued in May 2024, indicates a value that reflects a slightly positive variation relative to the long-term trend for global trade. Simultaneously, the ports in a sample of the region’s major ports are demonstrating robust growth. This sample represents more than 85% of all container movements in the countries and territories of the Caribbean, North, Central, and South America.
The following figure illustrates the percentage change in the sample for the period January to July (or June in some cases) 2024 compared to 2023.
Source: The authors, based on information from port authorities and terminals.
It is interesting to observe that, compared to 2023, only a few ports are showing a reduction in activity: Halifax, Montreal, Buenos Aires, Valparaiso, and the Dominican Republic collectively, as well as Baltimore. In the latter case, the abrupt decline can be attributed to the closure of the port due to the bridge accident at the end of March this year, from which it has not yet fully recovered.
It is also noteworthy that, of the remaining 27 data points shown in the figure, 17 present double-digit positive variations, led by the port of San Antonio, Chile, with 22% year-on-year growth.
The year 2023 was marked by significant economic challenges, leading to what can be described as a statistical rebound in 2024. The sharp decline in 2023 necessitates caution when interpreting any subsequent double-digit growth, as it may reflect a recovery from an unusually low base rather than sustained economic improvement. When analysing the current data compared to those from the pre-pandemic period, 8 out of 32 ports have yet to reach the levels of activity achieved from January to July 2019, while 16 others in the sample have surpassed these figures with double-digit growth rates.
However, a review of the most recent data about global container ports throughput puts a warning on the recovery of America’s ports. Note that after reaching the peak of activity in June 2024, the following two months show a sustained decline, which could also affect America’s ports in the future.
Source: The authors, based on information from port authorities and terminals.
