Report has been released by the United Nations Conference on Trade and Development (UN Trade and Development). 

Key findings 

• Global maritime trade grew by 2.4% in 2023, recovering from a 2022 contraction, but the recovery remains fragile.
• Key maritime chokepoints, like the Suez and Panama Canals faced unsettling disruptions.

About Chokepoints 

• A chokepoint is a geographical feature or passageway (Includes valley, strait etc.) that is narrow and strategic. 
• Geo-strategic Significance 
  • Facilitates Connectivity: E.g. Suez Canal (Connects the Mediterranean Sea with the Red Sea) is crucial for trade between Europe and Asia.
  • Energy Security: E.g. Strait of Hormuz (Connects the Persian Gulf with the Gulf of Oman and the Arabian Sea) witness significant world’s petroleum transportation. 
• Key Reasons behind disruptions
  • Climate-induced low water levels. E.g. Panama Canal (connecting the Pacific and Atlantic Oceans)
  • Geopolitical tensions and conflicts. E.g. Yemen's Houthi rebels  attacked ships in Bab al-Mandeb Strait (Connects the Red Sea to the Gulf of Aden and the Indian Ocean
• Impacts of disruptions: 
  • Straining supply chains (such as energy supplies for India) and raising costs, etc. 
  • Rising shipping costs due to long routes. E.g. Rerouting around the Cape of Good Hope (southern tip of Africa)