Britain’s trade deficit has widened by more than US$1 billion in Q1, 2016 compared to Q4, 2015, which is the biggest decline since the beginning of the financial crisis in 2008, according to Reuters.
The deficit widened to $19.1 billion pounds from $17.6 billion in the last three months of 2015.
UK capital London is one of the world's major financial centres and with the decline in global trade brought about by the slump in global demand, which has been reflected with oversupply and overcapacity in the shipping industry, the markets suffer.
This has caused shipping lines to cut capacity on key routes and also by increasing rates to try to become more competitive.
The latest bid to remain at forefront of the market by many global shipping lines was to opt into a new mega Asia-Europe mega alliance.
The Ocean shipping alliance was recently created by CMA CGM, OOCL, Evergreen Line and China Cosco Shipping in a bid to take its 2M rivals.
The lines were said to have the highest market share as a result of the new alliance, and will have a total fleet size of more than 350 containerships.
The alliance will have 40 services globally, including 20 each in the US and EU trades.
As the industry recovers from a difficult financial period, which was recently reflected by a more than billion-dollar loss in Maersk’s Q1, 2016 results, many lines are looking for alliance pairings in order to stay afloat.