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4 Reasons Why the Shipping Industry Is Supporting the Global Economy

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The cargo shipping industry is so financially important that it’s arguably become one of the pillars holding up the global economy. Here are some things you may not have known.

The Shipping Industry Is Enormous, Economically Speaking. – To say that the shipping industry was large would be to understate its size. Economically speaking, it’s so big that in the United Kingdom, cargo shipping accounts for more of the gross domestic product than civil engineering, takeaway food, and restaurants put together. It’s so big, in fact, that the industry actually constitutes about 90% of the entire planet’s trade.

The U.S. Depends on Shipping. – The U.S. is basically dependent on the shipping industry. In 2011, 360 U.S. commercial ports took in international goods worth $1.73 trillion. It also brought in two-thirds — a full 66% — of the nation’s oil supply. In other words, it almost fuels America.

Shipping Crushes Poverty. – Shipping is help to fight poverty across the world. It’s lifted 500 million people around the world above the poverty line in about the last 15 years because of how much economic growth it’s caused. Case in point — 40 years ago, Asia was the single poorest continent on the entire world. It was twice as poor as Africa is right now, but thanks to the shipping industry, Asia is now twice as rich as Africa, and it has the fastest growing economy in the world.

It’s Mind Bogglingly Cost Efficient. – Shipping things overseas is so cheap, in fact, that if you wanted to ship something like a bicycle or a soda can, it’d cost only $10, or less than on penny, respectively. To put it in perspective, it actually costs Scotland less to send its cod fish 10,000 miles to China to be filleted, and then ship them back to Scotland, than it would to have the fish be filleted there in the country.

If you’d like to take advantage of the incredibly cost efficient solutions offered by cargo shipping, you can find the international trading company you may be looking for in a global trade directory. If you have any questions about working with a cargo shipping service, feel free to share in the comments.

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