Japan Sources 91% of Its Crude via Hormuz; April Imports Fell 64%A · FULL TRANSLATION
- The International Trade Centre published an analysis on 4 August examining 12 goods that depend on the Strait of Hormuz, based on April 2026 trade data.
- Exports from the seven economies around the strait fell 54% year on year in April, with all 12 goods declining.
- LNG fell the most at 95%, followed by urea at 83%, methanol at 80%, ammonia at 75% and polypropylene at 24%.
- Japan draws 91% of its crude imports from those economies, the highest dependence of any market, and its import volume fell 64%.
- South Korea fell 23% and Malaysia 41%, while Thailand rose 62%; alternative suppliers lifted exports in 10 of the 12 goods but fully covered the gap only in ammonia and polypropylene.
Japan imports nearly all of its crude oil, much of it from the Middle East, and the Strait of Hormuz is the chokepoint on that route. The analysis cited by JETRO finds a marked impact on Japanese procurement as conditions around the strait deteriorate.
The same thread appears three times on today's list: the industry ministry weighing subsidies for refiners that avoid high-risk routes, Sharp citing Iran-related disruption when cutting guidance, and this trade analysis. When one geopolitical event surfaces through policy, corporate earnings and trade data at once, it has stopped being news and become a cost.
For readers in Taiwan, the parallel is direct, since both economies lean on Middle East crude. The numbers worth tracking are landed crude prices and marine insurance rates, which move earlier than headlines.
The International Trade Centre (ITC) published an analysis on 4 August 2026 that uses April 2026 trade statistics to track shifts in 12 goods dependent on the Strait of Hormuz, including LNG, crude oil and refined petroleum products.
The analysis defines the strait-dependent economies as Bahrain, Iran, Iraq, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates. Their exports in April fell 54% from a year earlier, with all 12 goods declining. By item, LNG fell 95%, urea 83%, methanol 80%, ammonia 75% and polypropylene 24%.
Alternative suppliers raised exports in 10 of the 12 goods, but only ammonia and polypropylene saw the supply gap fully covered.
Japan is the most exposed market. It draws 91% of its crude imports from these economies, and its import volume fell 64%. By comparison, South Korea's imports fell 23% and Malaysia's 41%, while Thailand's rose 62%.