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Fertilizer-related outbound shipments through the Strait of Hormuz dropped to their lowest level since January 2026 following Iran's announcement of the strait's closure on 2 March 2026.
AXSMarine (Signal Group) & World Trade Organization. (2026). Strait of Hormuz Trade Tracker. WTO Data Lab.
World Trade Organization (2026)
The IMF warns that energy-importing Caribbean countries face balance of payments pressures due to rising oil and food prices; oil surpassed USD 100/barrel (+50% in one month), with additional risks for tourism- and remittance-dependent economies.
Kozack, J. ( 2026). International Monetary Fund.
International Monetary Fund 2026
33% of global maritime fertilizer trade (16 Mt) passes through the Strait of Hormuz, and in some countries, up to 54% of imports come from the Persian Gulf. During the last energy crisis, the natural gas index exceeded 1,000, while nitrogen fertilizers exceeded 700 (urea) and 900 (DAP).
UN Trade and Development (UNCTAD), (2026, 10 de marzo). Las interrupciones del transporte marítimo en Ormuz aumentan los riesgos para la energía, los fertilizantes y las economías vulnerables.
UN Trade and Development (UNCTAD)
The price of Brent crude rose by 27%, reaching approximately $91.80 per barrel, while the price of European natural gas (TTF) rose by 74%, reaching nearly €55.80 per MWh.
UN Trade and Development (UNCTAD), (2026, 10 de marzo). Las interrupciones del transporte marítimo en Ormuz aumentan los riesgos para la energía, los fertilizantes y las economías vulnerables.
UN Trade and Development (UNCTAD)
Freight rates for oil tankers rose (BDTI +54% and BCTI +72%), while marine fuel prices increased by up to +99% for low-sulfur fuel and +100% for high-sulfur fuel, driving up transportation costs in global supply chains.
UNCTAD (2026). Las interrupciones del transporte marítimo en Ormuz aumentan los riesgos para la energía, los fertilizantes y las economías vulnerables.
UN Trade and Development (UNCTAD)
Rising borrowing costs are increasing the potential economic burden of disruptions in the Strait of Hormuz. Following the military escalation, sovereign bond yields rose by between 0.24 and 0.64 percentage points, reaching as high as 7.1%.
UN Trade and Development (UNCTAD), (2026, 10 de marzo). Las interrupciones del transporte marítimo en Ormuz aumentan los riesgos para la energía, los fertilizantes y las economías vulnerables.
UN Trade and Development (UNCTAD)
Ship traffic through the Strait of Hormuz fell more than 95% (from over 100 vessels per day to fewer than 10), disrupting flows of oil, LNG and fertilizers essential for global agricultural production (UNCTAD, 2026).
UNCTAD. (2026). Actualización sobre el comercio mundial 2026: Principales tendencias que configuran el comercio internacional. Naciones Unidas.
Conferencia de las Naciones Unidas sobre Comercio y Desarrollo (2026)
A 20%–30% increase in prices could be generated by the certification of producers supported by CAF (CAF, 2025).
CAF, 2025
Maris, L. (2025). Hacia un sector agropecuario resiliente, sostenible y regenerativo. CAF – Banco de Desarrollo de América Latina y el Caribe. https://scioteca.caf.com/bitstream/handle/123456789/2512/Hacia%20un%20sector%20agropecuario%20resiliente%2c%20sostenible%20y%20regenerativo.pdf?sequence=1&isAllowed=y
2.1% was the year-on-year fall in the price index of the main commodities exported by LAC (ECLAC, 2024).
CEPAL, 2024
CEPAL, Perspectivas del Comercio Internacional de América Latina y el Caribe, 2024 (LC/PUB.2024/16-P), Santiago, 2024
9.5% is the projected annual decline in the price index for agricultural and livestock products (ECLAC, 2024).
CEPAL, 2024
CEPAL, Perspectivas del Comercio Internacional de América Latina y el Caribe, 2024 (LC/PUB.2024/16-P), Santiago, 2024