Trade
The Indian Ocean provides major sea routes connecting the Middle East, Africa, and East Asia with Europe and the Americas. It carries a particularly heavy traffic of petroleum and petroleum products from the oil fields of the Persian Gulf and Indonesia. Large reserves of hydrocarbons are being tapped in the offshore areas of Saudi Arabia, Iran, India, and Western Australia. An estimated 40% of the world's offshore oil production comes from the Indian Ocean. Beach sands rich in heavy minerals, and offshore placer deposits are actively exploited by bordering countries, particularly India, South Africa, Indonesia, Sri Lanka, and Thailand.
Due to the relatively high traffic of petroleum tankers, piracy off the Somali coast has been rising. This has been a threat to international shipping since the second phase of the Somali Civil War in the early 21st century.
Read more about this topic: Indian Ocean
Famous quotes containing the word trade:
“The Creator has not thought proper to mark those in the forehead who are of stuff to make good generals. We are first, therefore, to seek them blindfold, and then let them learn the trade at the expense of great losses.”
—Thomas Jefferson (1743–1826)
“Killers, huh? I’d trade the pair of you for a good Camp Fire Girl.”
—Daniel Taradash (b. 1913)
“People run away from the name subsidy. It is a subsidy. I am not afraid to call it so. It is paid for the purpose of giving a merchant marine to the whole country so that the trade of the whole country will be benefitted thereby, and the men running the ships will of course make a reasonable profit.... Unless we have a merchant marine, our navy if called upon for offensive or defensive work is going to be most defective.”
—William Howard Taft (1857–1930)