The number of countries globally that have restricted food exports has increased

Published 2022년 5월 16일

Tridge summary

The article highlights the ongoing situation of food protectionism, with countries such as Russia, Ukraine, Indonesia, Argentina, and India imposing restrictions on large food exports to safeguard their domestic stocks and control rising inflation. These measures include bans or limitations on the export of crucial food commodities like wheat, sugar, sunflower seeds, sunflower oil, staple foodstuffs, palm oil, and beef. Experts at Nomura predict that such protectionist measures could exacerbate global food price inflation, creating a potential repeat of the food crisis seen in 2008. The US Department of Agriculture underscores the significant impact of these actions on the global market, given the key roles these countries play in the global supply of these commodities.

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Original content

The planet has entered an “era of food protectionism,” with some countries already banning or restricting large food exports to protect their stocks amid rising inflation, Businessinsider reports. Thus, Russia and Ukraine imposed restrictions on the export of wheat, temporarily banned trade in key products Indonesia, Argentina, India and Kazakhstan to contain domestic prices. “Rising food prices could lead to more such protectionist measures around the world and could further fuel food price inflation,” economists at Nomura predict. The publication, citing the US Department of Agriculture (USDA), reports that Russia, which provided 20% of world grain exports, announced a temporary ban on the supply of wheat. The export of sugar and sunflower seeds abroad has been temporarily restricted, and an export quota for sunflower oil has been introduced. The export of staple foodstuffs, including wheat and oats, has also been banned by Ukraine, which is the world's fifth-largest wheat ...

Source: Milknews