Hormuz crisis: UNCTAD warns sharp decline in global trade in 2026

The closure of Strait of Hormuz is expected to impact global trade in 2026. According to UNCTAD, vessel traffic through the corridor has collapsed by nearly 95%, from 130 ships per day in February to just 6 in March. Growth in global merchandise trade is projected to decelerate from about 4.7% in 2025 to between 1.5% & 2.5% in 2026.