Despite the continuing global economic slump caused by the coronavirus pandemic, the analysis, based on recent data from the IMF, the UAE’s Federal Customs Authority and UNCTAD (United Nations Conference on Trade and Development), projected 4.8 percent growth in global maritime transport and trade this year, depending on developments in fighting Covid-19 and progress in vaccinating populations around the world. Government policies and stimulus efforts, easing of lockdowns in key markets, the opening of global markets and China’s resumption of commercial activity were also outlined as key factors that could positively impact the UAE’s trade performance.
Forecast for the year ahead comes after international maritime trade recorded a 4.1 percent drop in 2020 due to economic headwinds created by the pandemic, which included travel restrictions and the disruption of supply chains, consumption patterns and manufacturing activities. The UNCTAD data also indicated that many companies in the trade and shipping sector have already begun to look into safeguarding the future viability of supply chains in light of the Covid crisis, including investment in warehousing, adopting advanced technologies and diversifying supply sources.