September 29, 2023

Maritime trade seen growing by 2.4% this year

GLOBAL seaborne trade, which experienced a marginal contraction of 0.4 percent in 2022, is poised for a recovery in 2023, the United Nations Conference on Trade and Development (Unctad) said on Wednesday. According to its report titled “Review of Maritime Trade 2023,” the global shipping industry, though still grappling with challenges from the pandemic and disruptions in supply chains, is “showing resilience amidst shifting trade patterns.” The report said the industry underwent “significant challenges,” including the lingering effects of the global supply chain crunch, a softening container shipping market, and the impact of the war in Ukraine on shipping patterns. Despite these, Unctad projects a 2.4-percent growth in maritime trade volume for 2023.