British shipping's turnover grew from US$15.75 billion in 2007 to US$19.73 billion in 2008, an increase of over 25 percent according to new figures produced for the UK Chamber of Shipping by the Office for National Statistics.
Shipping now earns US$2.24 million every hour of every day for the UK economy.
Sea transport outstripped air transport, which lagged US$11.6 billion behind in terms of net contribution to balance of payments in 2008, and is third in the services sector in terms of export earnings at US$17.58 billion, up by 13 percent since 2005. As a result, sea transport has regained its position in third place in the services sector behind financial services and travel.
These figures come from the newly published Pink Book on the UK Balance of Payments from the Office for National Statistics.
Shipping's net direct contribution to the balance of payments was US$6.63 billion, an increase of over 40 percent on the previous year, even after the fuel cost increases during the period.
"UK shipping has been making a consistently solid contribution to the economy since the revival of the industry in 2000," said David Asprey, Head of Shipping Policy at the Chamber of Shipping.
"As we weather uncertain times in the shipping markets it is even more essential that the industry and government work closely to ensure a positive and stable commercial environment.
"Shipping transports over 90 percent of UK trade, and remains the most carbon efficient method of freight transport."
