Strait of Hormuz disruptions lead to the worst threat to global trade in 80 years, says WTO chief

GENEVA/ISTANBUL (Bernama-Anadolu): Global trade is facing its worst disruption in 80 years as supply chain bottlenecks in the Strait of Hormuz threaten global food and fertiliser prices, the World Trade Organisation's (WTO) director-general warned, Anadolu Ajansi reported.

Ngozi Okonjo-Iweala, speaking on the sidelines of the WTO’s Public Forum in Geneva, told Anadolu that the global trading system remains resilient, but the ongoing West Asia conflict presents a major test for the organisation’s 166 member countries.

She noted that global trade in goods grew by an unexpectedly strong 4.6 per cent this year despite geopolitical pressures, while 72 per cent of all global commerce continued to operate under WTO rules.

The initial projection for overall goods trade growth was 1.9 per cent for the entire year, but the first-quarter growth rate of 3.2 per cent outpaced expectations.