- Natural gas exports through the Strait of Hormuz plunged 95%, disrupting global energy and commodity trade.
- Crude oil exports fell by 28 million tones as importers sought alternative supplies amid the disruption.
Natural gas exports through the Strait of Hormuz have plunged by 95 per cent as disruptions to the key shipping route continue to affect global energy and commodity trade.
The International Trade Centre (ITC) reported the decline in a new analysis of trade flows through the strategic maritime corridor. The agency examined 12 major energy, fertilizer and industrial products supplied by Hormuz-dependent economies.
The Strait sits south of Iran and carries about a quarter of global seaborne oil trade. It also handles a significant share of global liquefied natural gas (LNG) and fertilizer shipments. Reduced shipping activity has affected trade well beyond the Middle East. Safety concerns, higher insurance costs and rising transport expenses have discouraged normal commercial traffic.
Trade data for April showed a broad decline among the major suppliers that depend on the Strait. Their combined merchandise exports fell by 21 per cent in value compared with the same period last year. The decline was sharper when measured by physical volumes. Total exports across the 12 products fell by 54 per cent between April 2025 and April 2026.
LNG recorded the biggest drop, with exports falling by 95 per cent. Urea shipments declined by 83 per cent, while methanol and ammonia exports fell by 80 per cent and 75 per cent respectively.
Energy products accounted for some of the largest volume losses. Crude oil exports fell by 28 million tones, while refined petroleum products dropped by 7.3 million tones.
LNG exports also declined by 5.5 million tones during the period. The disruption affected other industries as well, including chemicals, plastics and aluminum. Importing countries have experienced different levels of pressure. Their exposure depends on factors such as dependence on Hormuz suppliers, available inventories and access to alternative sources.
Japan provides a clear example. Hormuz-dependent economies supplied 91 per cent of its crude oil imports in previous years. Japan’s total imports fell by 64 per cent in April. South Korea and Malaysia also faced significant pressure because of their reliance on supplies from the region. Thailand, however, recorded a 62 per cent increase in imports as refiners sought cargoes from alternative suppliers.
Alternative suppliers increased shipments of 10 of the 12 products examined by the ITC. However, those additional supplies fully replaced disrupted Hormuz shipments for only ammonia and polypropylene. The shift shows that importers have started looking elsewhere for supplies. Still, alternative sources have not yet replaced the volumes lost through the Strait.
Some countries may have relied on existing inventories and strategic reserves to manage the shortfall. Others may have reduced consumption or increased domestic production where possible. The disruption highlights the global energy system’s dependence on a single maritime route. It also shows how a shock in one region can quickly spread through oil, gas, fertilizer and manufacturing supply chains.
The ITC also reviewed government measures introduced during the disruption. Several countries have taken steps to protect access to essential commodities, particularly crude oil and refined petroleum products.