Global Shipping and International Maritime Trade

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B.Swaminathan

Abstract

In 2024, this article reflects on over fifty years of insights from the United Nations Conference on Trade and Development (UNCTAD) Review of Maritime Transport, examining pivotal trends that have defined the maritime transport landscape of today. There has been a marked shift in trade geography throughout this period, with developing nations increasingly contributing to global economic growth and seaborne trade, establishing themselves as key participants in global value chains. A notable trend is the increasing specialisation of these countries, especially in developing regions, in maritime goods and services where they have a comparative advantage. This marks a shift from past patterns, where developing economies primarily consumed maritime transport services, to becoming significant producers. Building on this trend, the latest data highlights a continued shift towards market liberalisation, which has resulted in significant reductions in global freight costs. The article also points out that bilateral freight-sharing agreements, which were standard in the 1970s, have largely faded in importance. This decline in restrictive practices has enabled freer market competition and greater efficiency in freight services, allowing developing regions to specialise in maritime goods and services and benefit from more affordable access to global shipping networks.

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How to Cite
B.Swaminathan. (2024). Global Shipping and International Maritime Trade. European Economic Letters (EEL), 14(4), 1938–1952. https://doi.org/10.52783/eel.v14i4.2332
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