The global ocean economy surged to $2.2 trillion in 2023, representing 7% of world trade, according to UNCTAD’s latest Global Trade Update. This milestone underscores the growing importance of ocean-based industries—from shipping and seafood to marine tech and tourism—but also reveals growing risks from environmental pressures and policy shifts.

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Coastal and maritime tourism has fully bounced back to pre-pandemic levels. Yet, maritime freight transport struggled last year amid sluggish global demand and persistent overcapacity. That trend reversed sharply in early 2024, with freight rates spiking due to bottlenecks at the Suez and Panama canals.

Trade in ocean-related goods remained resilient, supported by steady demand for port infrastructure, processed seafood, and marine technologies. However, performance remains uneven across regions, with developing and island nations particularly vulnerable to shocks.

Climate impacts and geopolitical tensions are reshaping shipping routes. Droughts linked to climate change are slowing canal traffic, while conflicts are forcing vessels to take longer, costlier detours—hitting Small Island Developing States and Least Developed Countries the hardest.

Environmental risks are also rising. Sea level rise, plastic pollution, and marine biodiversity loss are increasingly threatening port infrastructure and the sustainability of maritime transport.

Compounding the pressure, policy uncertainty is rattling the sector. New tariffs on steel and aluminum are inflating costs for shipbuilding and port upgrades. Meanwhile, ambitious decarbonization targets for shipping could leave developing nations behind, especially those lacking access to clean technology.

“The ocean economy is not a niche. It powers supply chains, supports jobs and food systems, and drives innovation worldwide,” the UNCTAD report emphasizes.

To safeguard this vital sector, UNCTAD is calling for a global “Blue Deal” with $2.8 trillion in investment across four critical fronts: mangrove conservation, low-carbon shipping and fisheries, sustainable ocean-based production, and coastal and offshore wind energy.