Chamber of Shipping: British shipping making an 'outstanding contribution'

Thursday, 13 August 2009 12:00 AM

British shipping's turnover grew from £9.5billion in 2007 to £11.9 billion in 2008, an increase of over 25% according to new figures produced for the UK Chamber of Shipping by the Office for National Statistics. Shipping now earns £1.35 million every hour of every day for the UK economy.

Sea transport outstripped air transport, which lagged £7bn behind in terms of net contribution to balance of payments in 2008, and is third in the services sector in terms of export earnings at £10.6 billion - up by 13% since 2005. As a result, sea transport has regained its position in third place in the services sector behind financial services and travel. These figures come from the newly published Pink Book on the UK Balance of Payments from the Office for National Statistics.

Shipping's net direct contribution to the balance of payments was £4 billion, an increase of over 40% on the previous year, even after the very negative and substantial burden of fuel cost increases during the period. The industry's overall contribution - taking import savings into account - was £5.7 billion - an increase of 23%.

"These results are a clear indication of the shipping sector's continued value to the British economy" said David Asprey, Head of Shipping Policy at the Chamber of Shipping.

"UK shipping has been making a consistently solid contribution to the economy since the revival of the industry in 2000. As we weather uncertain times in the shipping markets it is even more essential that the industry and Government work closely to ensure a positive and stable commercial environment.

"Shipping transports over 90% of UK trade, and remains the most carbon efficient method of freight transport. We are sure, therefore, that Government will take notice of these figures and recognise the outstanding contribution the industry is making to the country's economic recovery."

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