The new deep-sea port in Wilhelmshaven has a problem. The facility can handle more than 2.5 million containers annually, but in 2014, fewer than 100,000 were unloaded.
The main reason is that there isn’t much happening on the oceans as the growth in freight volume continues to slow.
Wilhelmshaven symbolizes a global phenomenon: International trade is no longer as dynamic as it once was. It seems as if globalization has come to a halt.
Although the amount of products and services sold internationally continues to rise steadily, it’s clear the heady days prior to 2008, when global exports increased at twice the rate of global economic output, are over.