UN report: Gas and fertilizer exports fall amid Strait disruptions
A UN report has stated that a disruption in navigation traffic through the Strait of Hormuz caused a significant decline in liquefied natural gas exports by 95% and urea shipments by 83%. This disturbance adversely affected global trade, with Japan experiencing a 64% drop in oil imports. It also led to rising energy prices, increased transportation and insurance costs, which in turn raised production expenses and caused delays in deliveries and port congestion. The report warned that the rising costs of fertilizers could jeopardize agricultural production and food prices, especially in vulnerable economies.
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