In the wake of a global trade crisis, the Guyana World Trade Center has reported a 36 percent reduction in total transit over the past month.
The crisis is attributed to multiple factors, including Houthi attacks in the Red Sea and a drought in the Panama Canal.
International experts highlight an unprecedented drought affecting the Panama Canal, a crucial route connecting the Atlantic and Pacific oceans.
This development impacts water tables and obstructs the passage of ships, affecting the global supply chain.
Georgetown’s World Trade Center organized a forum to analyze the crisis. CEO Komal Samaroo emphasized the decline in global trade in goods by 2 trillion compared to 2022, while trade in services increased by 500 million.
He expressed the opinion that, given Guyana’s small population, abundant resources, and competitive energy prices in the future, the country must access international markets to realize its economic potential and expand its productive sector.
The disruptions in global trade have led to delayed shipments and a subsequent rise in prices for imported commodities.
Allan Newark, Country Manager of Kestrel Guyana, suggested a consolidated approach among suppliers to reduce freight costs.
As Guyana navigates the implications of this crisis, collaborative efforts and strategic planning in the international trade landscape become imperative for sustainable economic growth.