The Role of Shipping in the Global Economy

Shipping plays a crucial role in the global economy by facilitating international trade and ensuring the efficient movement of goods across continents. As over 80% of global trade by volume is carried by sea, maritime transport serves as the backbone of globalization, connecting producers and consumers worldwide. It enables countries to access markets, acquire resources, and distribute products at a lower cost, thereby driving economic growth and development. Moreover, the shipping industry creates millions of jobs and supports a wide range of related sectors, from shipbuilding to logistics and port services.