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The almost complete closure of the Strait of Hormuz caused a historic drop in global fertilizer trade, according to OECD data. The organization detected that during April, the lowest volume of maritime shipments since at least 2019 was recorded, directly affecting one of the most strategic routes for the global transport of raw materials and energy.
The situation particularly impacts the fertilizer market, as approximately 30% of these products used worldwide depart through the Persian Gulf from countries such as Qatar, Saudi Arabia, and Iran. Furthermore, hundreds of vessels remain detained in the area, also affecting the transport of oil, liquefied natural gas, and chemical products amidst military tensions between the United States, Israel, and Iran.
The OECD explained that the blockade is already generating effects on global supply chains and could cause delays of up to six weeks once the maritime passage is reopened. Economies dependent on energy and agricultural imports are observing the logistical crisis with concern, while the international market faces risks of higher costs and pressure on food and fertilizers.
Source: Diario Expreso
