The June 2025 United Nations Trade and Development (UNCTAD) Global Trade Update reveals that the ocean economy—a crucial driver of global food security, trade diversification, and innovation—reached $2.2 trillion in trade value in 2023, accounting for 7% of global trade. With 60% of this total of ocean services, the blue economy is growing faster than the global economy.

However, this promising sector is increasingly at risk.

Key Challenges

1. Climate change, sea-level rise, biodiversity loss, and marine pollution threaten the sustainability of ocean-based industries.
2. While Asia and Europe dominate global ocean trade, Least Developed Countries (LDCs) face deficits in both goods and services. Small Island Developing States (SIDS) fare better in services but need sustained investment.
3. Recent U.S. tariffs on fisheries imports raise prices and market uncertainty, impacting major exporters like Canada, China, and Brazil.
4. Oceans face a dual crisis—plastic waste and overexploited fish stocks. The shift from wild fishing to aquaculture is growing, but governance gaps remain.
5. In 2022, ocean-related official development assistance (ODA) was just $2.4 billion—well below what’s needed to scale ocean sustainability.

Trade and Innovation Opportunities

• UNCTAD’s proposed “Blue Deal” calls for $2.8 trillion in investments across key areas like mangrove restoration, decarbonising shipping, and wind energy.
• Disaggregated databases now track trade in marine fisheries, port equipment, coastal tourism, and marine R&D—creating new tools for trade intelligence.
• With global fish demand rising, aquaculture now accounts for more than half of the aquatic food consumed. Seaweed, in particular, is emerging as a low-emissions alternative to plastics.
• Marine and coastal tourism rebounded 36% in 2023, nearing pre-pandemic levels and proving vital for SIDS’ economies.
• Growing demand for critical minerals has rekindled interest in deep-sea mining. But without a global regulatory framework, environmental concerns remain high.

Governance and Policy Tools

UNCTAD urges countries to:

• Ratify multilateral agreements like the WTO Fisheries Subsidies Agreement and the High Seas Treaty.
• Strengthen ocean trade governance and emissions tracking.
• Align trade policies with ocean-related climate goals, particularly in SIDS’ nationally determined contributions (NDCs).

Looking Forward

Ocean goods and services trade is projected to remain stable into 2025. Growth areas include marine-based innovation, sustainable aquaculture, and resilient infrastructure. Yet maritime disruptions, rising costs, and policy uncertainty persist.

The upcoming 3rd UN Ocean Conference in Nice (June 2025) presents a key opportunity to build on UNCTAD’s “Geneva-to-Nice” roadmap, focused on:

1. Ocean data and governance
2. Climate resilience
3. Sustainable trade access
4. Blue finance
5. Innovation in marine-based products

🔗 Explore the full June 2025 Global Trade Update here.

Stay connected with ITRC for insights on how trade policy can shape a fairer, cleaner, and more inclusive ocean economy.