Review of Maritime Transport 2020

Abstract

MARITIME TRADE AND PORT TRAFFIC 1 Growth in international maritime trade stalled in 2019, reaching its lowest level since the global financial crisis of 2008–2009. Lingering trade tensions and high policy uncertainty undermined growth in global economic output and merchandise trade and by extension, maritime trade. Maritime trade volumes expanded by 0.5 per cent, down from 2.8 per cent in 2018 and reached a total of 11.08 billion tons in 2019. Growth in world gross domestic product slowed to 2.5 per cent, down from 3.1 per cent in 2018 and 1.1 percentage point below the historical average over the 2001–2008 period. In tandem, global merchandise trade contracted by 0.5 per cent, as manufacturing activity came under pressure and the negative impact of trade tensions between the two largest world economies took a toll on investment and trade.