China’s President Xi Jinping sees the new Chancay Port on the coast of Peru as a “key maritime centre for trade between South America and Asia”.

On November 14 the Chinese leader watched a livestream of the inauguration of the port at the Presidential Palace in Lima, after meeting with Peruvian President Dina Boluarte ahead of the Asia-Pacific Economic Cooperation ( APEC ) forum.

The port will enter a test phase by the end of November with two cargo vessels being handled every week.

"Considerable income and enormous job opportunities will be generated for Peru, and this will generate tangible results for the people of the region," says Xi.

The US$1.3 billion greenfield port project is 60%-owned by Cosco Shipping Ports, with the remaining interest held by Peruvian mining company Volcan.

The port is located around 80 kilometres north of Lima. The first phase will handle annual throughput of one million TEUs ( 20-foot equivalent units ), eventually increasing to 1.5 million TEUs.

Peru is China's fourth-largest trade partner in Latin America. According to Trading Economics, 2023 exports from Peru to China totalled US$23 billion, dominated by metal ore. Chinese exports to Peru totalled US$12 billion.