Does shipping account for a majority of international trade?
Yes
Ships transport more than 80% of world trade volume and about 70% of trade value. The blockage or closure of crucial maritime passages can thus have substantial economic repercussions, as was the case in March 2021 with the blockage of the Suez Canal by the mega-ship Ever Given. The permanent closure of the Suez Canal would reduce global trade by 3.5% and trade in the Middle East by 26%. Closing the Panama Canal would reduce global trade by 3% and trade in the U.S. Northeast by up to 28%. Closing the Strait of Gibraltar would have the most critical effects, reducing world trade by 7% and trade in the Mediterranean by 44%.
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Sources:
EconoFact The Role of Shipping in World Trade
United Nations Conference on Trade and Development Review of Maritime Transport 2018
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