Title: "Suez".

Abstract: For all its importance, we lack a comprehensive quantitative assessment of the Suez Canal’s opening in 1869. We find that it led to a 72% relative increase in bilateral exports for affected country pairs, potentially suggesting a 12% permanent increase in world trade. We also consider the composition of trade, finding that Suez led to large, concentrated changes in export shares and increased the extensive margin of exports. Finally, shipping cost calculations show that the relative cost of using steamships fell dramatically and immediately after 1869, pointing to a vital role for Suez in the diffusion of steam technology.