Growth in world maritime trade slows down
The UN conference on trade and development (Unctad) in Geneva (Switzerland) has published the 2019 edition of its Review of Maritime Transport, covering the development of maritime freight, world fleet, rates and markets, ports and regulatory and legal framework in 2018. The review's analysis says that world maritime trade lost momentum in 2018.
Volumes still expanded at 2.7%, but remained below the historical averages of 3% and the 4.1% recorded in 2017. Growth in containerised global port throughput decelerated to 4.7%, down from 6.7% in 2017. Yet, total throughput volumes are estimated to have reached 11 billion t, an all-time high, according to Unctad records.
The Geneva organisation is expecting a further slow decline this year, projecting 2.6% growth in 2019, but an annual average growth rate of 3.4% for the period of 2019–2024. The review's basic message for the future is: "The outlook remains challenging, given the heightened uncertainty regarding trade policy and wide-ranging downside risks clouding the horizon.
In 2018, world merchandise trade growth decelerated at an unexpected rate. Trade policy crosscurrents, geopolitics and sanctions and environmental concerns had an important impact, but fuel economics and tensions involving the Strait of Hormuz – a strategic maritime chokepoint – were in the foreground." (fd)