Ocean economy surges, valued over US $ 2.2tn in 2023- UNCTAD

The global ocean economy demonstrated robust growth in 2023, with its combined value exceeding US $ 2.2 trillion and accounting for approximately 7 percent of global trade, according to a new report by the UN Conference on Trade and Development (UNCTAD). 

This vital economic sphere, encompassing key sectors such as shipping, tourism, fisheries and emerging marine energy, is proving to be an increasingly significant contributor to the world’s economic landscape.

The UNCTAD report titled ‘Sustainable ocean economy: A key and fast-growing sector at risk’ highlights that ocean-based services, valued at US $ 1.3 trillion, made up the larger portion of this trade, with goods contributing US $ 900 billion. Marine and coastal tourism led the charge, generating an impressive US $ 725 billion, followed by maritime freight transport at US $ 386 billion. Other strong-performing sectors included ships and port equipment (US $ 348 billion) and high-technology marine manufactures (US $ 346 billion).

The UNCTAD also noted the ocean economy’s increasing vulnerability to climate events, pollution and biodiversity loss. 

The report calls for improved ocean economic governance, investment in climate-adaptive and resilient marine infrastructure and scaling up of blue finance to ensure the long-term health and sustainable prosperity of these crucial sectors. The findings emphasise the ocean’s critical role in global connectivity, food security and economic diversification, particularly for developing nations and small island developing states.