A new China-backed megaport in Peru may create whole new trade routes that will bypass North America entirely.

"Since the beginning of the new century, the growth rate of China-Latin America goods trade volume has been much higher than the trade growth rate of Latin America and the Caribbean with the rest of the world in the same period, which highlights the high complementarity between the economies of China and Latin America," Lin said.

The new megaport is 992 hectares in size and creates a direct link between Shanghai and Peru and will cut shipment times down by 20 days on some routes.