Global fertilizer trade drops 30% amid Middle East war and export restrictions
By
©Agence France-Presse
Needed another two minutes in the oven. A half-baked bagel.
Summary
Global trade in fertilizers has dropped 30% since the start of the year due to the Middle East war driving up prices and causing export restrictions. The effective closure of the Strait of Hormuz has blocked shipments of raw materials and LNG used in fertilizer production, leading many farmers to delay or forgo purchases as supplies tighten.
Key quotes
· 2 pulledGlobal trade in fertilizers crucial to agriculture harvests worldwide have slumped 30% since the start of the year, as the Middle East war sent prices soaring and led several countries to restrict exports
Many farmers have delayed or forgone purchases as supplies tightened with the effective closure of the Strait of Hormuz, blocking shipments of the raw materials and liquefied natural gas (LNG) used in fertilizer production
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