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The World's Biggest Sea-Trading Countries, China Dominates World's Ocean Trade
by Florian Zandt,Aug 21, 2024
On August 19, a group of dock worker unions in India encompassing 20,000 members called for a general, nationwide strike starting August 28. The unions' demands include "pay scale revisions, payment of arrears and protection of exiting benefits", according to a note reviewed by Reuters. If the unions follow through on their strike plans, the economy of the South Asian nation could be significantly impacted.
As data from the United Nations Conference on Trade & Development (UNCTAD) shows, India relies heavily on importing and exporting goods via seaports. In 2022, Indian ports handled 19.7 million twenty-foot equivalent container units (TEUs), landing the country in the top 10 in container throughput worldwide. However, China remains at the top of the list with 269 million TEUs, with no other place even coming close to these volumes.
The country's maritime trade dominance is owed largely to its thriving business of exporting electronics, fashion and other consumer goods. For example, the People's Republic exported ICT goods like computers, electronic components and consumer electronics worth $858 billion in current prices in 2021, more than double the amount of the second-ranked region Hong Kong with $410 billion, according to UNCTAD data.
The rest of the list of countries and regions with the highest container throughput is also dominated by regions and countries in Asia. The only entrants in the top 11 not located on the Asian continent are the United States (62 million TEUs), the United Arab Emirates (20 million TEUs) and Spain (17 million TEUs).
