The maritime industry contributes significantly to regional and global value chains. This industry is the foundation of economic development and growth in some countries. The global shipping industry is expanding at a rapid pace. You can find out about the best shipping company in Kemaman.
According to the United Nations Conference on Trade and Development, the worth of international maritime trade is expected to rise by 3.4 percent at the end of a five-year period ending in 2024. This expansion will be primarily driven by particularly rapid growth rates in containerized and dry bulk cargoes. Over the same five-year period, their compound annual growth rates are expected to be around 4.5 percent and 3.9 percent, respectively. The maritime industry expanded dramatically over the 20-year period from 1996 to 2016. Over these two decades, global seaborne trade increased by 112 percent. In comparison, the world’s total GDP increased by 73% during the same time period. As a result, the maritime sector is booming at roughly 1.5 times the rate of the global economy. According to the International Maritime Organisation (IMO), sea transport accounts for nearly 90% of all international trade.
Why is shipping business important?
In various ways, maritime shipping is critical for any state. If the government focuses on it, the country will reap numerous benefits. It has an impact on a country’s overall economy. Because many industries are directly or indirectly linked to maritime transport, a country’s progress is dependent on it. Many countries benefit greatly from maritime shipping because of their geographical location. The economic benefit to Egypt of having the Suez Canal as a maritime trade route is a prime example. Maritime shipping, as one of the oldest modes of transportation, is growing in importance in the world trade arena.