Maritime trade growth will return to a positive territory next year

Maritime trade growth will return to a positive territory next year

Maritime trade growth will return to a positive territory next year

an hour ago

Maritime trade is expted to expand by 4.8 per cent next year.

Inayat-ur-Rahman, Deputy Business Editor

 

Global trade, shipping business and supply chain industry will return to growth next year following positive news on the coronavirus vaccine that will help restore confidence in the economy, experts say.

Top executives in logistics and shipping sectors said the COVID-19 pandemic sent shockwaves through global maritime transport during the first half of 2020 but it also laid the foundations for a transformed industry and associated supply chains that will help revive trade activity worldwide.  

Sachin Gupta, general manager of Gulf Pinnacle Investments (GPI), the UAE subsidiary of Gulf Pinnacle Logistics, said the pandemic hit global trade by causing disruption in supply chains, shipping networks and ports. However, the situation is improving due to quick progress on the COVID-vaccine development.    

"The industry has survived the pandemic shock and challenge. The short-term outlook for maritime trade is still grim but we are confident of economic recovery and expect better growth numbers next year,“ Gupta said.  

Gulf Pinnacle Logistics is a logistics and transportation company that aims to become an 'integrator' of the highly fragmented