Environment and related trade

In 2023, trade in ocean goods reached $899 billion while trade in services reached $1.3 trillion, making $2.2 trillion in total. Alongside well-known ocean sectors such as tourism (33%) and maritime transport (22%), the ‘high-technology and other manufactures’ sector represented a large share (16%) of total ocean trade. The latter sector comprises ocean products covering fishing, pharmaceuticals, marine sports, clean energy and electrical equipment. 

Marine and coastal tourism exports fell by 70% in 2020 due to COVID-19 lockdowns and only recovered and surpassed pre-2020 levels in 2023.

Despite strong tourism growth, growth in total ocean services only reached 2% in 2023 due to the fall in maritime freight rates and disruptions of key maritime routes, including the Panama and Suez canals. 

The decline in ocean services contrasts with exports of ocean goods, which were largely resilient to the COVID-19 pandemic and grew by 3.7% in 2023.

More than three quarters of global ocean goods exports are manufactured products, notably ships and port equipment, and high-technology and other manufactures (such as marine-based pharmaceuticals, sport equipment, precision instruments, integrated circuits and clean energy machinery).