(vi) Other dry cargo: Containerized trade
For many decades, containerized trade has been
the fastest-growing market segment accounting
for over 16 per cent of global seaborne trade by
volume in 2012 and more than half by value (in 2007).
With containerization being closely associated with
globalization and fragmentation of global production,
a recent study considering 157 countries over the
1962–1990 period provided empirical evidence that
containerization is the driver of the twentieth century
economic globalization (Bernhofen et al., 2013). In the
22 industrialized countries examined, containerization
explains a 320 per cent rise in bilateral trade over the
first five years after adoption and 790 per cent over 20
years. By comparison, and over a 20-year period, a
bilateral free-trade agreement raises trade by 45 per
cent while membership of the General Agreement on
Tariffs and Trade adds 285 per cent. Over the period
1962–1990, containerization appears to have had a
lesser effect on North–South and South–South trade,
probably reflecting the role of port and transport
infrastructure availability and efficiency (Bernhofen et
al., 2013).