Marine Sector Economic Impact in Asia

This report provides an analysis of the marine sector in Asia, detailing its significant contribution to the economies of ten Asian countries, which collectively account for 51% of the global marine sector. In 2023, the sector contributed $145 billion in gross value added, with China, Japan, and Singapore representing 70% of this value. The report outlines the sector's importance to various industries, particularly in water transport services, and discusses macroeconomic forecasts, predicting a growth of 3.5% in 2024. It also examines potential risks, including geopolitical tensions and trade barriers, which could negatively impact the sector's performance. The report highlights the implications of the Hong Kong International Convention for ship recycling, set to take effect in June 2025, and emphasizes the need for businesses in the marine industry to adapt to changing trade dynamics and environmental regulations. Furthermore, it discusses the ongoing impact of global conflicts on maritime trade and the necessity for supply chain diversification.