Strait of Hormuz disruption slashes global energy and fertilizer trade

Disruption in the Strait of Hormuz has caused a sharp decline in global trade, with exports of natural gas falling by 95 percent and overall merchandise exports from key regional economies dropping 21 percent in value. Analysis by the International Trade Centre shows combined export volumes for 12 strategic products fell 54 percent between April 2025 and April 2026. Urea exports declined 83 percent, methanol 80 percent, and ammonia 75 percent, while crude petroleum oil exports fell by 28 million tonnes. Importing markets varied in impact, with Japan seeing a 64 percent decline in crude imports, while Thailand increased imports by 62 percent from alternative suppliers. Trade diversion only fully offset losses for ammonia and polymers of propylene, as some markets drew on inventories or reduced consumption.