Events
Fourteen shocks to world trade, from Lehman to Hormuz
Each event page measures the trade it touched against a year earlier, shows the network before and after, and lists its dated sources. It says what changed, not why.
- 14events
- 7still ongoing
- 200sources
Monthly imports of the 83 economies that filed every month, Jan 2018 to Sep 2026
Lowest month on record here: May 2020 ($1.02tn). The last complete month, Dec 2024: $1.72tn, +5% on a year earlier.
| Jan 2018 | $1.4tn | – | 83 |
| Feb 2018 | $1.3tn | – | 83 |
| Mar 2018 | $1.4tn | – | 83 |
| Apr 2018 | $1.4tn | – | 83 |
| May 2018 | $1.4tn | – | 83 |
| Jun 2018 | $1.4tn | – | 83 |
| Jul 2018 | $1.4tn | – | 83 |
| Aug 2018 | $1.4tn | – | 83 |
| Sep 2018 | $1.4tn | – | 83 |
| Oct 2018 | $1.5tn | – | 83 |
| Nov 2018 | $1.4tn | – | 83 |
| Dec 2018 | $1.3tn | – | 83 |
| Jan 2019 | $1.4tn | −1% | 83 |
| Feb 2019 | $1.2tn | −3.3% | 83 |
| Mar 2019 | $1.4tn | −3.6% | 83 |
| Apr 2019 | $1.4tn | −0.9% | 83 |
| May 2019 | $1.4tn | −1.7% | 83 |
| Jun 2019 | $1.3tn | −6.8% | 83 |
| Jul 2019 | $1.4tn | −0.4% | 83 |
| Aug 2019 | $1.3tn | −5.8% | 83 |
| Sep 2019 | $1.3tn | −2.7% | 83 |
| Oct 2019 | $1.4tn | −6.2% | 83 |
| Nov 2019 | $1.3tn | −5.9% | 83 |
| Dec 2019 | $1.3tn | +0.1% | 83 |
| Jan 2020 | $1.3tn | −4.5% | 83 |
| Feb 2020 | $1.2tn | −2.1% | 83 |
| Mar 2020 | $1.3tn | −7.8% | 83 |
| Apr 2020 | $1tn | −23.5% | 83 |
| May 2020 | $1tn | −27.4% | 83 |
| Jun 2020 | $1.2tn | −9.7% | 83 |
| Jul 2020 | $1.3tn | −10.6% | 83 |
| Aug 2020 | $1.2tn | −7.6% | 83 |
| Sep 2020 | $1.4tn | +1.5% | 83 |
| Oct 2020 | $1.4tn | −2.6% | 83 |
| Nov 2020 | $1.4tn | +4% | 83 |
| Dec 2020 | $1.4tn | +8.5% | 83 |
| Jan 2021 | $1.4tn | +3.8% | 83 |
| Feb 2021 | $1.3tn | +10.6% | 83 |
| Mar 2021 | $1.6tn | +28.2% | 83 |
| Apr 2021 | $1.5tn | +46.8% | 83 |
| May 2021 | $1.5tn | +49.8% | 83 |
| Jun 2021 | $1.6tn | +38% | 83 |
| Jul 2021 | $1.6tn | +24.9% | 83 |
| Aug 2021 | $1.6tn | +28.2% | 83 |
| Sep 2021 | $1.7tn | +21.2% | 83 |
| Oct 2021 | $1.7tn | +20.5% | 83 |
| Nov 2021 | $1.8tn | +26.4% | 83 |
| Dec 2021 | $1.8tn | +23.9% | 83 |
| Jan 2022 | $1.7tn | +24.3% | 83 |
| Feb 2022 | $1.6tn | +22% | 83 |
| Mar 2022 | $1.9tn | +18.6% | 83 |
| Apr 2022 | $1.8tn | +16.1% | 83 |
| May 2022 | $1.9tn | +22.1% | 83 |
| Jun 2022 | $1.9tn | +16.8% | 83 |
| Jul 2022 | $1.8tn | +14.8% | 83 |
| Aug 2022 | $1.9tn | +18.9% | 83 |
| Sep 2022 | $1.9tn | +12% | 83 |
| Oct 2022 | $1.8tn | +7% | 83 |
| Nov 2022 | $1.8tn | +0.8% | 83 |
| Dec 2022 | $1.7tn | −1.4% | 83 |
| Jan 2023 | $1.7tn | −0.2% | 83 |
| Feb 2023 | $1.6tn | −0.9% | 83 |
| Mar 2023 | $1.8tn | −5.7% | 83 |
| Apr 2023 | $1.6tn | −9.1% | 83 |
| May 2023 | $1.8tn | −6% | 83 |
| Jun 2023 | $1.7tn | −9.4% | 83 |
| Jul 2023 | $1.7tn | −8.3% | 83 |
| Aug 2023 | $1.7tn | −9.8% | 83 |
| Sep 2023 | $1.7tn | −9.4% | 83 |
| Oct 2023 | $1.8tn | −1.1% | 83 |
| Nov 2023 | $1.7tn | −3.4% | 83 |
| Dec 2023 | $1.6tn | −6.2% | 83 |
| Jan 2024 | $1.7tn | −2.4% | 83 |
| Feb 2024 | $1.6tn | −0.7% | 83 |
| Mar 2024 | $1.7tn | −6.2% | 83 |
| Apr 2024 | $1.7tn | +6.8% | 83 |
| May 2024 | $1.7tn | −0.9% | 83 |
| Jun 2024 | $1.7tn | −2.4% | 83 |
| Jul 2024 | $1.8tn | +7.4% | 83 |
| Aug 2024 | $1.7tn | +2% | 83 |
| Sep 2024 | $1.8tn | +5.3% | 83 |
| Oct 2024 | $1.9tn | +5.7% | 83 |
| Nov 2024 | $1.8tn | +1.6% | 83 |
| Dec 2024 | $1.7tn | +5% | 83 |
| Jan 2025 | $1.6tn | – | 77 |
| Feb 2025 | $1.5tn | – | 76 |
| Mar 2025 | $1.7tn | – | 76 |
| Apr 2025 | $1.6tn | – | 76 |
| May 2025 | $1.6tn | – | 76 |
| Jun 2025 | $1.6tn | – | 76 |
| Jul 2025 | $1.7tn | – | 75 |
| Aug 2025 | $1.5tn | – | 75 |
| Sep 2025 | $1.7tn | – | 75 |
| Oct 2025 | $1.7tn | – | 74 |
| Nov 2025 | $1.6tn | – | 75 |
| Dec 2025 | $1.7tn | – | 75 |
| Jan 2026 | $1.5tn | – | 71 |
| Feb 2026 | $1.5tn | – | 69 |
| Mar 2026 | $1.7tn | – | 70 |
| Apr 2026 | $1.7tn | – | 66 |
| May 2026 | $1.6tn | – | 61 |
| Jun 2026 | $1.7tn | – | 58 |
| Jul 2026 | $1.5tn | – | 46 |
| Aug 2026 | $679.3bn | – | 29 |
| Sep 2026 | $86.7bn | – | 3 |
The events
Lehman Brothers fails and world trade collapses
Lehman Brothers filed for bankruptcy on 15 September 2008. The volume of world trade fell 12.2% in 2009, the largest decline since the Second World War, the WTO reported.
Japan's earthquake and Thailand's floods cut parts supply
A magnitude 9.0 earthquake and tsunami struck north-east Japan on 11 March 2011, and Japan's exports in April were 12.5% lower than a year earlier. From mid-October floods inundated six industrial estates in Thailand's Ayutthaya and Pathum Thani, and Western Digital's main hard-drive plant was flooded.
US Section 301 tariffs on China start a trade war
The US put a 25% tariff on about $34bn of imports from China on 6 July 2018 and widened the tariffs in rounds through 2019. The two countries signed a Phase One trade agreement on 15 January 2020.
Japan tightens chip-material exports to Korea
From 4 July 2019 Japan required individual licences for exports of fluorinated polyimide, resist and hydrogen fluoride to Korea, and from 28 August it dropped Korea from its "white countries". The three items returned to bulk licensing on 23 March 2023.
Indonesia bans nickel-ore exports
Indonesia stopped all nickel-ore exports from 1 January 2020, two years earlier than first planned, so that the ore would be processed at home. A WTO panel found the ban inconsistent with the GATT in November 2022, and Indonesia appealed.
WHO declares COVID-19 a pandemic
WHO characterized COVID-19 as a pandemic on 11 March 2020. World merchandise trade fell 14.3% from the first to the second quarter, the largest drop on record, and its volume ended 2020 down 5.3%, the WTO estimated.
Ever Given blocks Suez as a chip shortage hits carmakers
The container ship Ever Given ran aground across the Suez Canal on 23 March 2021 and was refloated on 29 March. A shortage of chips held back US vehicle production through 2021; buyers' median chip inventories fell from 40 days in 2019 to less than five in 2021, the US Commerce Department found.
Russia invades Ukraine; oil and potash sanctions follow
Russia invaded Ukraine on 24 February 2022, and the war goes on in October 2026. EU sanctions on Belarus reached all potash in March–April 2022, and the EU barred seaborne Russian crude from 5 December 2022 and Russian oil products from 5 February 2023, the days the G7 price caps took effect.
US curbs exports of advanced chips and chip tools to China
On 7 October 2022 the US Commerce Department restricted China's access to advanced chips and to the equipment that makes them, and tightened the rules in October 2023 and December 2024. Japan's controls on 23 types of chip-making equipment took effect on 23 July 2023 and the Netherlands' on 1 September 2023.
China licenses exports of gallium, germanium and graphite
China made exports of gallium and germanium subject to licences from 1 August 2023, and exports of some graphite from 1 December 2023. On 3 December 2024 it barred exports of gallium, germanium and antimony to the US in principle, and on 9 November 2025 it suspended that ban until 27 November 2026.
Houthi attacks in the Red Sea send ships around the Cape
Yemen's Houthis seized the Galaxy Leader on 19 November 2023 and went on to attack merchant ships; from December 2023 container lines diverted around the Cape of Good Hope. Attacks paused in November 2025, a first return to Suez in February 2026 was reversed as the Iran war began, and returns gathered pace from July 2026: in early October 2026 container transits passed half their 2023 level for the first time.
US sets reciprocal tariffs, China curbs rare-earth exports
On 2 April 2025 the US ordered tariffs on imports from all countries, and on 4 April China put seven rare earths under export licensing; the US rate on Chinese goods rose to 125% before a truce in Geneva on 12 May. After Xi and Trump met in Busan on 30 October, China suspended the wider controls it had announced on 9 October, a truce since extended to 10 January 2027.
Twelve-Day War: Israel and the US strike Iran
Israel struck Iran's nuclear and military sites on 13 June 2025 and the US bombed three nuclear sites on 22 June; a ceasefire took effect on 24 June. Oil prices spiked mid-month and returned to pre-conflict levels after the ceasefire.
War on Iran shuts the Strait of Hormuz
The US and Israel struck Iran on 28 February 2026 and tanker traffic through the Strait of Hormuz all but stopped. A ceasefire (8 April), a US blockade of Iran's ports (13 April) and a memorandum (17 June) did not hold: fighting resumed on 8 July and spread to Bab al-Mandab in September.