Global maritime trade will plunge in 2020 due to the unprecedented disruption caused by COVID-19, the United Nations Conference on Trade and Development (UNCTAD) has said in its Review of Maritime Transport 2020.
The report is to be released on tomorrow November 12.
The report warns that new waves of the pandemic that further disrupt supply chains and economies might cause a steeper decline and the short-term outlook for maritime trade is grim.
Predicting the pandemic’s longer-term impact as well as the timing and scale of the industry’s recovery is fraught with uncertainty.
The report outlines how COVID-19 has sent shockwaves through global maritime transport and laid the foundations for a transformed industry and associated supply chains.
It also provides highlights and figures on maritime transport in Africa, Asia-Pacific, Latin America and the Caribbean regions.