UK shipping turnover increases 40% from 2010, report finds

We all know what an incredible shipping industry we have in the UK, and now we have the numbers to prove it. Bringing in nearly £19 billion to our economy and supporting 181,000 jobs, the shipping industry really is the backbone to communities across the UK. As we leave the EU, it is vital we continue to do all we can to support our seafarers and those that work and support the industry so we can seize the opportunities of the future in areas like green technology, automation and digitisation,

…said Chief Executive of the UK Chamber of Shipping, Bob Sanguinetti, welcoming the report.

Key findings

• National Impact: The report found that the Maritime Sector supported a total of £46.1 billion to the UK’s GVA in 2017 £46.1 billion, an £8.3 billion increase since 2010. To put this in context, the Maritime Sector is larger than other comparable transport industries in the UK, including, Rail and Aerospace and is only marginally smaller than the road transport industry. The sector’s direct GVA contribution was £17 billion in 2017, a 25% increase compared to 2010 (£13.6 billion).
• Regional impact: The report finds that the direct employment is concentrated in Scotland, London and South East England. London (42,000) and Scotland (41,000) both respectively make up 19% of the UK maritime workforce, while the South East (40,000) comes close behind with 18%. The South West (30,000) and North West (22,000) also contribute significantly, with 13% and 10%.
• People: The maritime directly supports 220,100 jobs in the UK, an increase of 24,000 jobs from 2010. Further, for every job the Maritime Sector provided in 2017, a total of 4.85 jobs were supported in the UK economy. This means that the total employment impact of the Maritime Sector was 1.07 million jobs in 2017, an increase of 13% versus 2010.
• The Future of Maritime: The report highlights that importance of maritime as the primary mode of transport for international trade in the foreseeable future. Forecasted increases in global trade present us with a special opportunity to forge new trading relationships. The world’s economic centre is moving eastwards with Asia’s middle class forecast to grow by 153% by 2030 adding 2 billion additional consumers.

The UK shipping industry also plays a vital role in the wider supply chain economy. Through direct, supply chain and wider spending, the industry supports 682,000 jobs and £45 billion in turnover.

Our maritime industry is the lifeblood of the UK economy – it plays a vital role in our daily lives, keeps things moving 24/7 and supports more than 180,000 jobs. These figures are clear evidence that the sector is going from strength to strength as we remain steadfast in our ambition to continue our global reputation as a great trading nation. Our landmark Maritime 2050 strategy, along with our strong partnerships with industry will help us to ensure this sector continues to flourish for generations to come,

…Maritime Minister Nusrat Ghani said.

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See also:

• The ports industry contribution to UK economy
• Scottish maritime sector on the rise, report finds