World maritime trade lost momentum in 2018, with volumes expanding at 2.7 per cent, below the historical averages of 3.0 per cent and 4.1 per cent recorded in 2017. Total volumes are estimated to have reached 11 billion tons, an all-time high, according to UNCTAD records. UNCTAD is projecting 2.6 per cent growth in 2019 and an annual average growth rate of 3.4 per cent for the period 2019–2024. However, the outlook remains challenging, given the heightened uncertainty regarding trade policy and wide-ranging downside risks clouding the horizon.