Jump in global sea trade driven by Asian demand

Pushed by surging demand in Asia, international trade carried by ship climbed 4.3 per cent to over 7 billion tons in 2006, the United Nations Conference on Trade and Development (UNCTAD) said in an account released Friday.

Crude oil and petroleum merchandise comprised over one-third of seaborne products, the report noted.

Growth in Asia, and China in particular, drove total demand for shipping services up by 5.5 per cent to reach 30,686 billion ton-miles in 2006.

Also, the total world merchant fleet expanded to 1.04 billion deadweight tons in 2006, marking the first year global capacity has surpassed the 1 billion mark.

Last year, total world merchandise trade, however carried, rose 8 per cent, double the rate of increase in global GDP for the year.