Many developing economies rely heavily on a single ocean sector, leaving them vulnerable to sudden shifts in tariffs, market access or demand.
Developing economies are increasingly driving the fast growth of the ocean economy. Their exports of ocean-related goods surged 34% between 2020 and 2023, outpacing the global average of 26%, according to new UN Trade and Development (UNCTAD) data.
While these nations (excluding China) accounted for just one-quarter of global ocean goods exports in 2023, their role is expanding, creating critical opportunities for jobs, trade and economic resilience.
China led global ocean goods exports in 2023, shipping $155 billion worth of products, followed by Germany ($79 billion) and the United States ($61 billion). While most top exporters are developed economies, players from the Global South – including India, Mexico, Türkiye and Chile – are rising.
Risks of over-reliance: A need for diversification
Many developing economies rely too heavily on a single sector, exposing them to economic shocks. Mexico’s $16 billion in ocean exports were dominated by manufactured products (87%) – a trend mirrored by many developing economies. Chile, in contrast, relies on marine fisheries and aquaculture, which accounted for $7 billion of its $9 billion total ocean exports.
Such export concentration leaves economies vulnerable to sudden shifts in tariffs, market access or demand. Mexico sends most of its ocean exports to the United States, while Myanmar depends on Thailand. By contrast, Türkiye and South Africa have more diversified ocean goods exports and trading partners, reducing their risk exposure.
For small island developing states (SIDS), the dependence is even more pronounced. Their per capita ocean exports reached more than $2,600 in 2023 – nearly ten times the global average.
This reliance comes with risks. A staggering 87% of SIDS’ ocean exports are services. While Singapore dominates in maritime passenger and freight services, most other SIDS depend on tourism – a sector that collapsed by almost 70% in 2020 due to the COVID-19 pandemic.
Climate and pollution threaten opportunities and growth
At the same time, threats to the ocean economy are growing. Overfishing has worsened, with 37.7% of global fish stocks now overexploited, up from just 10% in 1974.
2024 was the hottest year on record, with global temperatures 1.55°C above pre-industrial levels. Warmer ocean waters disrupt marine ecosystems, harm fish populations, shrink harvests, and threaten food security—especially for coastal communities. Meanwhile, plastic pollution continues to escalate, with two million tons entering the ocean annually.
Defining moment for sustainable ocean growth
While developing economies must diversify their ocean-related sectors to build resilience, sustainable growth depends on urgent global action. This means finalizing a legally binding treaty on plastic pollution, eliminating harmful fishing subsidies, and dramatically scaling up investment in sustainable ocean industries.
The ocean economy remains critically underfunded. Sustainable Development Goal 14 (life below water) requires $175 billion annually, but only $30 billion has been disbursed since 2010, making it one of the least-funded global goals. Meanwhile, $22 billion in harmful fishing subsidies continue to fuel overfishing and marine ecosystem destruction, putting future growth—and livelihoods—at risk.
The recently held 5th UN Ocean Forum underscored the need for a new “blue deal” to urgently scale up public and private investment and finance in sustainable ocean sectors.
The forum spotlighted promoting sustainable South-South trade in fisheries and aquaculture for value addition and diversification, as well as enabling innovation and entrepreneurship opportunities in food and non-food marine-based sectors to tackle food insecurity and pollution.
With the 2025 UN Ocean Conference in June, the world has a pivotal chance to act. The decisions made now will determine whether the ocean economy can continue to drive prosperity.