Global Maritime Trade Volume Fell 3.8% in 2020

Global maritime trade was disrupted by restrictions on economic activity during the Covid-19 pandemic. This is evident in the decline in the supply and demand of maritime goods between countries.

According to a report by the United Nations Conference on Trade and Development (UNCTAD), the total volume of global maritime trade was recorded at 10.65 billion tons in 2020. This figure is down 3.8% or 422 million tons from the previous year's 11.07 billion tons.

The report also notes that about two-thirds of global maritime trade occurs in developing countries. Asia accounts for 60% of the total volume of exported goods loaded and 70% of the total volume of imported goods loaded.

Much of this trade growth occurred in East Asia, particularly China. There was also a surge in the volume of goods loaded on the Transpacific container trade route connecting East Asia and North America.

For information, the United States, along with Japan, India, and Australia, has formed a strategic alliance to strengthen the concept of a free and open Indo-Pacific trading region. Indirectly, this effort also serves to counter China's influence in the region.