TOKYO, May 28 (Xinhua) -- Japan's imports of oil-derived naphtha plummeted 47 percent from a year earlier to 1.14 million kiloliters in April, government data showed Thursday.
The overall decline was driven by a 79.1 percent plunge in imports from the Middle East, Ministry of Finance statistics showed, as regional conflict caused severe disruptions to shipping through the Strait of Hormuz, a critical chokepoint for global oil transportation.
In April, Japan purchased 341,728 kiloliters of naphtha from the Middle East, accounting for 30 percent of total imports, a sharp drop from the roughly 70 percent share recorded before the conflict broke out. To offset the shortfall, imports of naphtha from other regions surged 52.4 percent from a year earlier.
The supply crunch for naphtha, a critical feedstock for the chemical industry widely used in products ranging from plastics and adhesives to solvents in paints and coatings, is sending shockwaves across a wide range of businesses in resource-poor Japan.
Multiple food and beverage companies, including leading brands, have reportedly been forced to simplify product package designs and raise prices due to tighter supplies of naphtha and other key raw materials. ■