The United Nations Conference on Trade and Development (UNCTAD), says that global maritime trade will plunge in 2020 due to the unprecedented disruption caused by COVID-19.
The United Nations body said this in its Review of Maritime Transport 2020 which will be released on Thursday, 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 body said.
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.