Global maritime trade will decline by 4.1% in 2020 due to supply chain disruptions caused by the COVID-19 pandemic, UNCTAD estimates in a statement report on the impact of the pandemic on maritime transport. The pandemic has severely affected supply chains, shipping networks and ports, leading to lower cargo volumes and reduced growth prospects. According to the quoted report, the new waves of the pandemic could cause an even more pronounced decline. The short-term outlook for this industry is bleak, given that the pandemic is unpredictable and its effects are difficult to estimate. According to UNCTAD estimates, the growth of maritime trade will return to a positive trend in 2021 and will expand by 4.8%, provided that world economic production recovers.
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