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International Handbook of Maritime Economics

International Handbook of Maritime Economics

Elgar original reference

Edited by Kevin Cullinane

This timely and comprehensive new Handbook brings together an unrivalled group of distinguished scholars and practitioners to provide in-depth analysis and a contemporary perspective on a wide-ranging array of topics in maritime economics.

Chapter 2: The Maritime Industry: Key Developments in Seaborne Trade, Maritime Business and Markets

Hassiba Benamara, Jan Hoffmann and Vincent Valentine

Subjects: economics and finance, transport, environment, transport, urban and regional studies, transport


1 Hassiba Benamara, Jan Hoffmann and Vincent Valentine 2.1 Demand 2.1.1 International trade Demand for transport services naturally grows in tandem with world trade, and receives a boost from the fragmentation and globalization of international production. As ‘derived demand’, it is generated by trade whereby goods are delivered from sellers to buyers, who today, more than ever, are scattered around the world. Since 1950, world exports have grown on average 2.4 times faster than world gross domestic product (GDP). While GDP tends to grow more or less in line with industrial production, trade grows significantly faster (Figure 2.1). Trade liberalization, increasingly globalized production processes and continuously improving transport services all contribute to this trend. Developing and transition economies are ever driving the growth in world merchandise trade. Their contribution to global merchandise exports by value increased from 34 per cent in 1997 to over 40 per cent in 2007. In 2007, 12 countries from transition economies and developing regions featured among the world’s 30 leading traders. China, Brazil, India, Mexico, South Africa, the Republic of Korea and the Russian Federation in particular are propelling trade growth. The share of these seven countries in world exports was 17 per cent in 1997 and 23 per cent in 2007. The contribution of South–South trade to the total value of world exports more than doubled from 7.7 per cent in 1990 to 16.7 per cent in 2006. The share of intra-developing countries’ exports in terms of their total exports increased from 39.5...

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