International Trade
International trade refers to the exchange of goods and services between countries. It involves the import and export of goods and services, and is an important aspect of the global economy. Maritime transport plays a crucial role in facilitating international trade, as the majority of goods are transported by sea. Shipping is the most cost-effective and efficient mode of transport for bulk commodities, such as oil, coal, and grain. The shipping industry is responsible for transporting around 90% of global trade, making it a vital component of international trade. The regulation of international trade is governed by international agreements and organizations, such as the World Trade Organization (WTO) and the International Maritime Organization (IMO).
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