Ocean economy, a vital driver of global trade that accounts for 7 percent of global trade in 2023, is now under growing pressure from environmental and geopolitical shocks that requires urgent action to sustain ocean-driven prosperity, according to the latest Global Trade Update from UN Trade and Development (UNCTAD).
New analysis from UNCTAD’s Global Trade Update revealed that ocean-based sectors such as shipping, tourism, fisheries, and marine energy accounted for 7 percent of global trade in 2023 – with a combined value exceeding $2.2 trillion.
From food and energy to transport and innovation, the ocean economy anchors global prosperity. But climate stress, policy fragmentation, and shifting trade dynamics are threatening future gains, the study noted.
The study emphasized the importance of the ocean economy, which it said should be tackled at the UN Ocean Conference (UNOC3) happening on June 9 to 13 June 9-13, 2025 in Nice, France. The Global Trade Update has called for urgent action: stronger rules, smarter infrastructure, and resilient cooperation to sustain ocean-driven prosperity.
The study further stressed the the ocean economy is not a niche as it powers supply chains, supports jobs and food systems, and drives innovation worldwide. “Amid rising tariffs and climate disruption, keeping ocean trade flowing sustainably is critical to global development.” it added.
Risks
The ocean economy is facing real threats from new tariffs that disrupt maritime supply chains and divert investment from sustainable ocean sector.
It also noted the rising sea level, plastic pollution, and biodiversity loss that continues to impact port infrastructure, marine transport, and coastal communities, especially in vulnerable economies.
With that, UNCTAD urges action to modernize marine infrastructure, end subsidies that harm ocean ecosystems, close legal loopholes in open waters, and enable fairer trade between developing countries.
