Red Sea, Panama Canal issues are worse than people realize, expert says (FOX Business)

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    Red Sea, Panama Canal issues are worse than people realize, expert says – By Daniella Genovese (FOX Business) / Jan 30, 2024

    Ikea already warned that the situation in the Red Sea would cause product delays

    The problems impacting global trade, notably the Houthi attacks in the Red Sea and the drought in the Panama Canal, are far greater than what many people realize, according to logistics experts.

    The disruptions are poised to be far-reaching and could lead to even more product delays in the U.S. over the next coming months as consumers look to spring and summer shopping, and create even more issues involving shrinkflation as companies fight to offset losses.

    Diego Pantjoa-Navajas, vice president of Amazon Web Services Supply Chain, told FOX Business that the two situations in the Suez Canal and the Panama Canal are “dramatically impacting supply chains,” concurrently, hindering trade between Asia and Europe and between North America and Asia.

    “These are chokepoints both undergoing external pressure,” Pantjoa-Navajas said.

    CONTINUE > https://www.foxbusiness.com/economy/red-sea-panama-canal-issues-worse-than-people-realize-expert

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