UN eyes modest 2024 maritime trade growth, but future uncertain

GENEVA, Oct 23 (AFP): Maritime trade should show modest growth this year, the UN said Tuesday, warning though that the geopolitical tensions, climate impacts and conflicts shaking global trade are threatening the functioning of maritime supply chains.

The United Nations' trade and development agency, UNCTAD, highlighted in its annual report on maritime transport that the global economy, food security and energy supplies were at increasing risk due to vulnerabilities along key maritime routes.

"The sector is facing numerous challenges that threaten the efficiency, reliability, resilience and sustainability of maritime transport," UNCTAD chief Rebeca Grynspan said in the report.

"Just after recovering from the upheaval of the COVID-19 pandemic and having started to adjust to new shifts in trade patterns triggered by the war in Ukraine, global supply chains and trade are now grappling with an additional wave of disruptions," she warned.

The report found that global maritime trade swelled 2.4 percent in 2023 to a total of 12,292 million tonnes, as it began to recover after a contraction in 2022.

For 2024, it projected "a modest 2 percent growth, ... driven by demand for bulk commodities like iron ore, coal, and grain, alongside containerised goods".