The importance of maritime trade to the North American and US economies
The world's most leading maritime trade nation is the United States. The trade accounts for a measured ton of 20% annually among maritime trade overseas. Ships carry a value of 75% and weight of more than 95% the US trade. This trade accounts for US Gross profit of 25%. The maritime trade has had great importance in US economy. Maritime trade has assisted the North America and US nation in carrying highly bulky cargo which is in liquid or dry form.
This has led to economies of scale in the US and all the six nations of North America. This leads to low cost of transport on each ton. The fur trade which is a maritime activity has enabled job employment in Canada, increase exports of finished material and lowed costs of production. The fur trade has generates revenues in the various processing levels (Stopford, 2009, pp 450).
The maritime trade has facilitated regional economy in the exports of natural resources, export of services, and manufactured goods. Significant industrialization has been witnessed since the start of the 19th century due to maritime economy. The urban areas are thriving and growing due to adjustments in the economy. This is because of the development of manufacturing industries along the coastal town.
Family wages and incoming has been increased due to employment of opportunities in these new developing firms. Maritime shipping has encouraged the transportation of specialized cargo like passenger, refrigerated cargo, liquid gas, chemicals and unit labor cargos. Sea trade has benefited many countries in the past centuries to modern day which is still of major benefit to the US and North America nations.
Stopford, M (2009) Maritime economics Edition3, illustrated Publisher Taylor & Francis, pp 450