- Shipping Industry Adds £46.2 Billion to UK Economy.
- One Vessel Arrives Every Five Minutes at UK Ports.
- Shipping Grows 7% Annually—Fastest Among Transport Sectors.
The UK shipping industry is a vital part of the national economy, providing jobs for over 98,000 people and supporting more than 728,000 positions throughout the wider economy. Each year, around 100,000 vessels dock at UK ports, roughly one arrival every five minutes, making shipping a 24/7 operation every single day of the year, reports UK Chamber of Shipping.
Economic Contribution and Growth
- Direct GVA: £16.1 billion
- Total GVA supported across the UK economy: £46.2 billion
Since 2019, this industry has seen steady annual growth of 7%, outpacing all other transport sectors. The direct GVA has surged by 64%, jumping from £9.8 billion in 2019 to £16.1 billion in 2023. Meanwhile, the total economic impact has climbed from £26 billion to £46.2 billion during the same timeframe.
“UK shipping is crucial to economic growth and opportunity—it facilitates trade across borders, links people with vital services, offers travel to other countries, and keeps loved ones connected. I am incredibly proud of the UK shipping sector, and I thank everyone in the industry who helps keep this country safe and moving,” said Heidi Alexander MP, Secretary of State for Transport
Delivering Jobs and Productivity
The shipping industry is a powerhouse, supporting a whopping 728,000 jobs, with 98,200 of those directly linked to activities at sea and on land. When it comes to productivity, shipping jobs outshine the UK average by an impressive 121.8%. Plus, salaries in this sector are about 20% higher than what you’d find nationally. For every job created in shipping, six more are supported throughout the broader economy.
Enabling Essential Services and Connectivity
Shipping plays a vital role in the UK’s infrastructure, ensuring millions have access to essential services and connectivity:
- Approximately 2.4 million people rely on ferries for essential goods and services.
- Each year, 18.1 million international passengers pass through UK ports.
- 2.9 million cruise passengers either start or finish their journeys at UK ports.
- Domestic ferry journeys reach a staggering 37.8 million annually.
- Cruise tourism alone brings in £170 million directly to coastal communities every year.
Facilitating UK Trade and Energy Security
In 2024, the shipping industry is set to facilitate an astounding £957.3 billion in trade:
- Exports: £365.7 billion
- Imports: £591.6 billion
This sector also supports over 140,000 UK exporters and opens the door to global markets for more than 350,000 UK businesses.
Key Cargo Movements Through UK Ports in 2023
- 69.3 million tonnes of liquid bulk, which is crucial for energy supply.
- 76 million tonnes of essential cargo, including steel and construction materials.
- 84.4 million tonnes of bulk products, such as ores and agricultural goods.
“Shipping is the lifeblood of the UK economy. From ensuring the steady flow of essential goods and energy to connecting our island communities and enabling millions of passenger journeys, the shipping industry plays a vital role in the resilience and prosperity of the country.” said Rhett Hatcher, CEO of the UK Chamber of Shipping
“As we navigate toward a net-zero future, our industry is committed to decarbonisation and is already playing a pivotal role in supporting the UK’s transition to clean energy. We are dedicated to working with the Government to create a greener, thriving shipping industry that continues to deliver economic growth and employment opportunities across the UK and globally.” “Shipping is, and will remain, at the heart of delivering sustainable growth, connecting British enterprise with the world, and driving the UK’s green transition.”
Report Background
The Value of Shipping Report, developed by the UK Chamber of Shipping in collaboration with the Centre for Economics and Business Research (Cebr) and the Department for Transport, provides an evidence-based assessment of the industry’s contribution and informs future policymaking.
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: UK Chamber of Shipping
