From Indonesia's cutting palm oil supply to India's stopping wheat exports, a wave of food protectionism spreads around the world

Published 2022년 5월 16일

Tridge summary

The Indian government has halted the export of wheat, except for those with special permission, to prioritize its food security and manage the global food crisis resulting from the Ukraine conflict and adverse weather conditions in major production sites. This decision, criticized by G7 agriculture ministers, has led to record high wheat prices in India, threatening to further increase global food prices and affecting low-income consumers in Asia and Africa. Amidst rising food and energy prices in India, the country is struggling to meet its domestic demand and international commitments, cutting wheat allocations and increasing rice production for its free food program. The move is part of a broader trend of countries protecting local food supplies, with Indonesia banning palm oil exports and Serbia and Kazakhstan imposing quotas on grain shipments.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Wheat prices may rise to record highs after controversial decision According to an announcement on May 13, the Government of India will suspend the export of wheat abroad, unless it has special permission from the government. government to manage its food security. The decision drew criticism from G7 agriculture ministers, who said India's move made the world crisis worse. Wheat rose above trade limits following India's move to restrict exports, highlighting how tight global supplies are in the wake of the war in Ukraine and threatening to push food prices even higher. India's ban could push global food prices to new highs and affect low-income consumers in Asia and Africa. "This ban is shocking," said a Mumbai-based agent of a global trading company. "We were expecting export restrictions to be announced in the next two to three months, but (apparently) inflation has caused the Government to change its mind sooner." Rising food and energy prices pushed India's annual retail ...

Source: CafeF