China Hoards Fertilizer Amid Global Crisis

A global supply crisis is unfolding, primarily driven by the Iran war and the subsequent closure of the Strait of Hormuz, which has severely disrupted global shipments, especially of fertilizer. David Malpass, former president of the World Bank Group, has accused China of exacerbating this crisis by hoarding food and fertilizer, and has called for China to cease building its stockpiles. China, which accounts for about 25% of global fertilizer output, has halted exports since March 2021, citing domestic supply protection. Malpass also criticized China's claim to be a developing nation, arguing it is no longer credible given its status as the world's second-largest economy. Liu Pengyu, spokesperson for the Chinese embassy in Washington DC, defended China's actions, asserting its commitment to market stability and its legitimate right to developing country status. The interruption to fertilizer supplies is projected to cause reduced crop yields, potentially leading to a global food bidding war and significant food scarcity, particularly affecting the poorest countries.