International business requires a variety of effective channels through which business can be conducted. Business involving the movement of goods require a proper channel which is cost-effective, time efficient, and safe for transporting goods from one country to another. For a long time, shipping by sea has remained the best option for channelizing certain goods from one country to another. In the present times even, countries that have modern ports are leading in economy. Nearly all the countries are heavily dependent on business through waterways. Countries that do not have their own ports because of any seashore, face trouble in business through waterways.
Top Three Countries with Best Access to Quality Shipping Ports
According to the report of World Economic Forum, the Netherlands, Singapore, and the United Arab Emirates are the top three countries that have world’s best shipping ports. Such ports are outfitted with the latest modern equipment, large shipping yards, high quality facilities, and large and use-specific shipping warehouses.
The Netherlands ranked in the number one position with a 6.8 point score for shipping ports in the Global Competitiveness Report released by the World Economic Forum, wherein "1" was the worst score and "7" was the best possible. Most of the ports in Netherlands are highly equipped with the latest technologies, which mostly handle general cargo transport shipments and petrochemicals. The country has heavily invested in Rotterdam Port, which has excellent facilities, long extensions, a huge and safe warehouse, which is shared by other countries as well.
Singapore ranks in the second position with 6.7 points. Its ports are the world busiest ports. With an annually cargo of 1.5 billion tons in 2005, Singapore has nurtured its economy by investing in the ports. The huge ports have also been the resting places of many cargo ships from other countries and these ports charge huge amount for it. The country transports one-fifth of the total containers in the world, and transports half of the crude oil. Having smaller landmass, Singapore has known how to take the best advantage of shores.
United Arab Emirates
United Arab Emirates (UAE) lies in third with a score of 6.5 points. The ports in the UAE transport nearly half of the containers. As UAE is a gulf country, it has huge oil reserves near the seashore. the UAE has boosted its economy by importing crude oil to other countries. The country has recognized the power of shipments and has highly invested in it. Trade through the sea by using these ports has benefited the country on a larger scale. Having huge, dynamic and modern ports have made the UAE's ports into some of the best in the world.
Importance of Having Quality Ports
International trade is highly dependent on waterways. Countries that understood the importance of trade through waterways have hugely invested in building modern and huge ports that can not only help in channelizing their own trade but can also be a source of income by extending it to the landlocked countries. Top economies in the world are the ones who have utilized the resources in waterways and have conducted trade through waterways in an efficient manner. Having a well-equipped port helps in managing economy while importing cheap products.