The Ukraine-Russia war set to cause major global food disruptions, according to the World Bank

Published 2022년 3월 16일

Tridge summary

The World Bank Group has warned that the Ukraine-Russia conflict could cause significant disruptions in global food markets. The two countries together account for approximately 25% of the world's wheat production. The conflict is expected to further increase food prices, which are already rising due to higher energy costs and trade restrictions. The war could also lead to trade disruptions for wheat, corn, and rice, affecting both importers and exporters of these commodities. The most immediate and direct effects of the war are likely to be felt in food markets, with potential for wider impact on energy prices, investment, and global trade.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

ANKARA The Ukraine-Russia war is to likely cause major disruptions in global food markets, the World Bank Group said in a report published Wednesday. The two countries combined produce a quarter of the world’s wheat, according to the intergovernmental organization. "Some low and lower-middle income countries import more than 40% of certain key staples from Ukraine and are at particularly high risk of short-term supply shortages. Food prices, already rising due to higher energy costs and trade restrictions, are likely to climb further as the conflict continues," a Trade Watch report said. Ukraine is the world's top exporter of sunflower seeds, accounting for 38% of the global market, the fourth-biggest exporter of wheat with a 10.6% share, and the fifth-largest exporter of corn with a 7.2% share, it said. Russia is the largest exporter of wheat in the world, it added. "Countries that are most dependent on imports of wheat from Ukraine will face the immediate trade consequences of ...
Source: Aa

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