In 1933, Congress designated on May 22 to be Maritime Day to honor U.S. merchant mariners and the maritime industry. The marine industry is so important to the U.S. economy that it contributes more than $36 billion dollars per year and provides more than a million jobs.
The ocean industry transports all types of commodities which by value composes 53% and 38% of U.S. imports and exports which is the largest share of any mode of transportation. The top exported and imported commodities is fuel and oil that accounts for 22% of trade cargo in terms of vessel value. Meanwhile, the top import and export maritime trading partners are China, Japan, Germany, Mexico, Brazil, Saudi Arabia, and South Korea.
Marine transportation system serves as a critical component of national public transportation with ferry operations and cruise ships. The cruise industry alone contributed about $37.8 billion to the U.S. economy in 2010. Recreational boating contributed $30.4 billion in 2010 to the economy with Florida as the number one state with recreational boat registrations. 2.8 million people in 2010 were employed by the ocean economy producing $258 billion worth of goods and services. According to the NOEP, the marine world contributed roughly 4.4 percent of the total U.S GDP.
From tourism to business, the marine world is a crucial part of the U.S. economy.
Written by Iris Arden (Ramon Inc.)