Global goods trade rises 12.5% on higher prices amid Hormuz disruption

AI digestMimile.ai EditorialJuly 23, 2026 at 03:51 PM

This digest was compiled by AI from multiple sources — links to the originals are below.

Global goods trade rises 12.5% on higher prices amid Hormuz disruption

Global goods trade reached $13.7 trillion in the first half of 2026, up 12.5% year-on-year, driven by higher prices rather than volume growth, according to a UNCTAD report. The increase was fueled by energy cost spikes following disruptions in the Strait of Hormuz. Services trade rose 10.5% over the same period.

Price-Driven Growth

UNCTAD's report attributes most of the 12.5% increase in goods trade to higher prices, not higher volumes. Energy trade in oil, gas and coal rose in monetary terms primarily due to cost increases. Shipping disruptions through the Strait of Hormuz and supply fears pushed up energy, transport, logistics and production costs. Commodity prices rose about 3.6% in Q1 and an estimated 5% in Q2.

Regional and Sectoral Shifts

East Asia, led by China and South Korea, was the main driver of global trade growth in early 2026. Other Asian regions saw declines, while Africa and the Americas experienced faster import than export growth. Trade in AI-related goods, digital infrastructure and electric vehicles surged: critical minerals up 38%, semiconductors 25%, batteries 15%, and EVs 11%. Conversely, trade in chemicals, iron, steel and some renewable energy equipment fell.

What's Next

UNCTAD projects total goods and services trade could hit a record $15.7 trillion by year-end if price pressures persist. It remains unclear whether the volume of trade will recover as geopolitical tensions in the Middle East continue to disrupt shipping lanes.

1 source

Global goods trade rises 12.5% on higher prices amid Hormuz disruption

inform.kz

Kazinform

Environment

ITC: Exports via Strait of Hormuz fall 54% in April

Exports of 12 key goods through the Strait of Hormuz fell 54% in April 2026 from a year earlier, according to the International Trade Centre. The decline, driven by shipping disruptions, hit energy and industrial supply chains, with LNG exports down 95% and urea 83%. The slump persists even as importers seek alternative suppliers but fail to fully compensate for lost volumes.

Finance

Kazakhstan-Uzbekistan trade rises 35% to $2.8 bln in H1 2026

Kazakhstan-Uzbekistan trade reached $2.8 billion in January-June 2026, up 35% year-on-year. Kazakh exports rose 39.5% to $2.1 billion, led by wheat and meslin shipments that nearly doubled to $571.6 million. Uzbekistan climbed from eighth to sixth among Kazakhstan's trading partners.

Finance

China’s July oil imports rise 22% from June’s record low

China's crude oil imports jumped 22% in July from June's near‑decade low, customs data showed on Friday, as buyers took advantage of cheaper shipments following the brief reopening of the Strait of Hormuz. Imports, however, were 24.3% lower than a year earlier at 35.73 million metric tons, and refinery utilisation remained below 60% of capacity. The increase failed to reverse a drain on the country's commercial oil stockpiles, which fell by about 1 million barrels per day, according to consultancies Vortexa and Energy Aspects.

Business

China-Central Asia trade rises 6.5% to $52.9 bln in first half of 2026

China’s trade with Central Asia rose 6.5% year-on-year to $52.94 billion in the first half of 2026, according to the PRC’s General Administration of Customs. Growth was driven by Kazakhstan and Uzbekistan, which saw increases of 25% and 31% respectively. The expansion occurred even as Kyrgyzstan’s trade with China plummeted by nearly a third, with exports dropping to $75 million from $3.89 billion.

Global goods trade rises 12.5% on higher prices amid Hormuz disruption

Price-Driven Growth

Regional and Sectoral Shifts

What's Next

Read more

Read more