Global trade by sea is expected to grow by 2.4% in 2023, reaching 12.29 billion tons. The demand for bulk raw materials and containerized goods is driving this growth. The UNCTAD predicts a modest 2% increase in shipping in 2024, with containerized traffic expected to recover significantly.
Recent attacks on shipping in the Red Sea and other global challenges are transforming trade routes, with potential economic and environmental impacts. A report from UNCTAD, “Navigating Troubled Waters,” highlights disruptions to the Suez Canal and the Panama Canal, impacting global supply chains and increasing greenhouse gas emissions. Developing countries are particularly vulnerable.
The UNCTAD has raised concerns about the impact of geopolitical tensions and climate change on global trade, particularly affecting shipping routes like the Suez Canal and the Panama Canal. These disruptions have led to a decline in trade, increased freight rates, longer routes, and higher emissions, with potential economic consequences. The organization calls for international cooperation to address these challenges.
