In this expanding global economy sea trade grew in pace with the world economy.
For example, between 1986 and 2005 sea trade grew at an average of just over 3.6% per
annum, very slightly faster than the growth of world GDP, which averaged just under
3.6% per annum. But when we dig deeper and look at the individual commodities
shown in Table 10.1 we find that the rate of growth varied enormously. The phosphate
rock trade declined, whilst coking coal grew at less than 2% per annum. Others grew
very rapidly, for example the LNG trade grew at 6.8% per annum. A few new trades
such as steam coal appeared and others such as asbestos disappeared. Containerized
cargo grew at 9.8% per annum. Regional trade was also constantly on the move. Two of
the biggest trading regions, western Europe and Japan, went through a cycle of growth
until the early 1970s and stagnation for the next decade. New high growth economies
emerged in other areas, notably in Asia and North America. Finally, although on average
trade grew rapidly, its path was sometimes irregular, with deep recessions in the 1970s
and 1980s.