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The International Trade Centre (ITC) reports that exports of natural gas through the Strait of Hormuz dropped by 95% following escalations in late February, exposing vulnerabilities in global trade. The Strait handles about one quarter of seaborne oil trade and a third of globally traded urea. Reduced commercial passage and higher transport costs have impacted trade flows beyond the region, with April data showing combined exports from Hormuz-dependent economies declining by 21% in value.

Across 12 key products, including energy, fertilizers, and industrial goods, export volumes fell between April 2025 and April 2026, with a 54% overall decline. Liquefied natural gas exports contracted by 95%, urea by 83%, methanol by 80%, and ammonia by 75%. Energy products such as crude petroleum oil exports fell by 28 million tonnes, while refined petroleum oils and liquefied natural gas declined by 7.3 million tonnes and 5.5 million tonnes respectively.

Importing markets experienced uneven impacts depending on reliance on Hormuz suppliers and access to alternative sources. Japan, which sourced 91% of its crude petroleum oil imports from Hormuz-dependent economies, saw a 64% decline in total imports. Other highly dependent markets like the Republic of Korea and Malaysia faced similar reductions, while Thailand recorded a 62% increase by securing cargoes from alternative suppliers.

The ITC noted that while alternative suppliers increased shipments for 10 of the 12 products, these gains only fully offset lower imports for ammonia and polymers of propylene. Some markets may have relied on inventories, strategic reserves, or reduced consumption to manage the disruption. The analysis also examined trade measures adopted to ensure adequate supply access, particularly for crude and refined oil.