A significant drop in the cost of global shipping in the last 20 years has not been passed on to developing countries, despite the fact that they are driving the world’s economy, UN economists said Tuesday.

The finding, which is highlighted in a UN Conference on Trade and Development (UNCTAD) review of maritime transport, also shows that poorer countries have for the first time started to import more goods than they export.

This radical shift is important because shipping accounts for more than 80 per cent of global commerce, as UNCTAD economist Jan Hoffmann tells Daniel Johnson.

Duration: 4’14”