Maritime dependency and economic prosperity: Why access to oceanic trade matters

Abstract

© 2020 Elsevier Ltd Maritime trade and access to deep-water territory are important when determining a country\u27s economic success. Today, as much as 75% of international trade takes place over water due to the fuel efficiency of seaborne freight and worldwide dependency on water as a means of transportation. Issues in economic geography such as being landlocked and maritime trade are directly related to global development patterns. A country\u27s ability to participate in international trade and transport goods overseas is integral in the modern global economy. Maritime dependency is the ability of a country to participate in maritime trade as determined by their geographic access to international waters and trade dependency. Access to maritime shipping and global participation in maritime trade is key to attracting global capital. This study explores the relationship between five major factors in maritime dependency and economic prosperity. Findings suggest a significant relationship between maritime dependency and gross domestic product (GDP) per capita. Results from this analysis were indexed and an Index of Maritime Dependency was created and mapped to display the geographical distribution of maritime dependency