The United Nations Conference on Trade and Development (UNCTAD) estimates that roughly 80 percent of global trade by volume and 70 percent by value is transported by sea. Of that volume, 60 percent of maritime trade passes through Asia, with the South China Sea carrying an estimated one-third of global shipping.
What trades were traded across the Indian Ocean?
Long before Europeans “discovered” the Indian Ocean, traders from Arabia, Gujarat, and other coastal areas used triangle-sailed dhows to harness the seasonal monsoon winds. Domestication of the camel helped bring coastal trade goods such as silk, porcelain, spices, incense, and ivory to inland empires, as well.
How does the Indian Ocean affect the economy?
Petroleum dominates commerce, as the Indian Ocean has come to be an important throughway for transport of crude oil to Europe, North America, and East Asia. Other major commodities include iron, coal, rubber, and tea.
What made Indian Ocean trade possible?
How did monsoons make Indian Ocean trade possible? Monsoons alternated wind currents that predictably blew eastward during the summer months and westward in the winter. When people understood what monsoons did, they accumulated different ways to build ships and developed oceanic navigation.
Why did the Indian Ocean trade decline?
The Indian Ocean Trade began with small trading settlements around 800 A.D., and declined in the 1500’s when Portugal invaded and tried to run the trade for its own profit. … These were Africa’s exports in the Indian Ocean Trade. These items could be sold at a profit because they were scarce in Asian countries.
Did the Indian Ocean trade luxury goods?
The Indian Ocean became the largest sea-based trade network in this time frame. I know we tend to think of the Silk Roads and luxury items being sold when we picture trade routes. However, the bulk of actual trade happened on the Indian Ocean. The Indian Ocean traded “regular goods”, in bulk and at a lower cost.
Why is the Indian Ocean so dangerous?
The Indian Ocean bears close to 1/4th of the water found on the surface of the planet and its warm temperature makes it susceptible to climatic changes like monsoon, tsunami, cyclone and often, strong winds. The Atlantic Ocean ranks the second in the catalogue of the most dangerous ocean waters in the world.
Why is an ocean named after India?
The Indian Ocean is named after India because of its strategic location at the head of the ocean from ancient times and its long coastline which is longer than any other country in the Indian Ocean rim.
What were some negative effects of the Indian Ocean trade?
1. The coming of the Portuguese led to the introduction of new companies with corrupt officials who were only interested in benefitting themselves. 2. The constant resistance between the coastal city states and the Portuguese destabilised the trade.
What diseases spread on the Indian Ocean trade route?
. David Arnold in ‘The Indian Ocean as a Disease Zone, 1500-1950′ discusses the diffusion of cholera, smallpox, plague and influenza in the Indian Ocean area.
Why is the Indian Ocean so important?
The Indian Ocean has emerged as a critical conduit for trade, commerce, and energy. The waters of the Indian Ocean Region (IOR) have become a home for economic developments, disputes, conflicts, and competition for regional influence by regional and extraregional powers.