China's trade volume with Iran and several Persian Gulf nations saw a steep decline in March. This downturn is attributed to increasing restrictions and instability in the Strait of Hormuz, affecting global energy flows.

China’s trade with Iran and Gulf countries fell sharply in March as restrictions on the Strait of Hormuz tightened amid the US-Israeli war on Iran. Newly released data by Chinese customs showed imports from Iran plunged 48 per cent year on year last month, while exports to the country dropped 90 per cent. Across the broader Middle East, exports to eight Persian Gulf economies – including Saudi Arabia and Qatar – fell by 57 per cent, while imports declined by nearly 33 per cent. The disruption...