Disruptions in the Strait of Hormuz could place disproportionate pressure on smaller firms that account for 70% of global employment, according to a new analysis by UN Trade and Development (UNCTAD). The analysis, released on 7 September, warns that trade shocks in this strategic corridor could deepen inequalities across global value chains. It highlights the outsized role of small and medium-sized enterprises (SMEs) in worldwide economic activity. It also cautions that recovery in headline trade figures could mask a more concentrated economy. The findings underscore the urgency of protecting smaller firms from prolonged trade disruptions.