India isn’t the only one banning food exports. These countries are doing the same #StocksMarket #PressRelease.
The war has triggered a huge spike in wheat prices, with Russia and Ukraine among the biggest exporters of the commodity. Both countries account for 29% of global wheat exports, according to the World Bank.
“With food prices already high due to COVID-related supply chain disruptions and drought-reduced yields last year, Russia’s invasion came at a bad time for global food markets,” said the Peterson Institute for International Economics (PIIE), a Washington D.C.-based think tank, in an April note.
Russia and Ukraine are among the top five global exporters for many important cereals and oilseeds, such as barley, sunflowers and sunflower oil, as well as maize, according to PIIE.
And it’s not just wheat. Many countries have also implemented a ban on other food exports as global inflation soared as a result of the Ukraine crisis.
Prices have soared for a wide variety of other food products, contributing to rising inflation worldwide. Some of these products include sunflower oil, palm oil, fertilizers and grains.