East Africa looks at new Suez Canal boosting import trade

The East African Community (EAC) is set to gain increased import trade with the expansion of the Suez Canal, according to The East African newspaper.

The EAC has already seen an increase in imports shipped in through the canal, rising to 4.36 million tonnes last year, up 32% from the 3.28m tonnes in 2004.

The main sources of East African-bound trade are the European Union (EU) including the UK, and North America.

But EAC export volumes through the canal to these countries have taken a massive nosedive – plunging a whole 617% from 14.83m tonnes in 2004 to only 2.06m tonnes in 2014.

Not that this trade has been totally lost, as different destinations have been developed in that decade - especially China, with its insatiable demand for mining products and other commodities (including oil and gas).