How Panama Canal’s drought is impacting global shipping
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This segment originally aired on October 10, 2023. Major importers and shipping companies are anticipating a leaner year as cargo rates to and from China have seen major declines in 2023. Port of Los Angeles Executive Director Gene Seroka explains the boost in shipments to West Coast ports as businesses diversify their trade with countries outside of just China. “We’re starting to see importers ship cargo to the West Coast that normally would go to Panama because of the drought,” Seroka tells Yahoo Finance. “Second, with the dock workers’ contract that was just ratified in August, that was a pretty quick switch of cargo back to the West Coast, and […]