The global ocean economy has surged to a record $2.2 trillion in exports, driven by a diverse range of industries beyond traditional fishing and shipping, reports NaijaAgroNet.
According to a new set of data released by the United Nations Conference on Trade and Development (UNCTAD) and available to NaijaAgroNet, this rapid growth is accompanied by growing concerns over the health of the world's oceans, with experts warning of escalating threats from climate change, pollution, and overfishing.
Also, the UNCTAD report revealed a significant diversification of the ocean economy, now encompassing tourism, pharmaceuticals, biotechnology, and clean energy.
In addition, UNCTAD revealed that services account for 59 per cent of the total export value, highlighting the sector's evolution beyond resource extraction.
"We're seeing a remarkable expansion of the ocean economy," part of the UNCTAD report declared, stressing that this growth, particularly in developing economies, demonstrates the ocean's critical role in global trade and job creation. However, we cannot ignore the mounting environmental challenges that threaten this progress."
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