Today, we are going to talk about the Strait of Malacca and why it is so important to the world's economy and military.
World trade, which involves a large portion of the world's energy supplies, must move through some "choke points" between producing areas and their final destination. The Straits of Malacca is one of these "choke points."
The Malacca Strait, which connects Indonesia, Malaysia, and Singapore, has long been a major trading route into and out of Asia, and it is regaining prominence. This has been in continuous use since antiquity, with Roman, Greek, Chinese, and Indian traders all taking advantage of this natural river. It is now the world's second-busiest waterway. From the 15th century to the present, its strategic importance has made it a centre of international strife. The Suez Canal's opening in 1869 only added to the Strait's importance, as it became a crucial connection between the Pacific and Indian Oceans, cutting the gap between Europe and the Far East in half.
More recently, it has acted as the key transit route for essential commodities needed to fuel Asia's and the world's fast-growing economies. In 2010, nearly half of the world's total annual seaborne trade tonnage passed through the Strait of Malacca and the neighbouring Straits of Sunda and Lombok, according to figures from the United Nations Conference on Trade and Development (UNCTAD) Study of Maritime Transport 2011. Malacca's economic importance to Asia and the broader global economy will rise as the region's economies develop.
In 2011, approximately 15.2 million barrels of oil were extracted every day and passed through the Strait of Malacca, the shortest sea route between African and Persian Gulf suppliers and Asian markets. This is approximately 19 times the volume that passed through the Panama Canal over the same time span, and four times the volume that passed through the Suez Canal.
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