Maritime trade will diminish global repercussions of COVID-19 by 2021: UN

Economy

Published: 2020-11-12 19:36

Last Updated: 2020-11-12 19:36


Maritime trade will diminish global repercussions of COVID-19 by 2021: UN
Maritime trade will diminish global repercussions of COVID-19 by 2021: UN

A United Nations (UN) agency specializing in shipping Thursday, expected that global maritime trade will recover during 2021, after declining by 4.1 percent in 2020 due to the repercussions of COVID-19, according to The New York Times.

The United Nations Conference on Trade and Development (UNCTAD) issued in its annual report Thursday on maritime transport. The report stated "the epidemic has caused shocks to supply chains, shipping networks and ports, which have led to reduced shipping volumes and rigid growth prospects."

UNCTAD Secretary-General Mukhisa Kituyi said the shipping sector will be at the forefront of efforts to achieve a sustainable economic recovery, considering the sector is "an essential element to enable the smooth operation of supply chains between countries of the world."