Ukraine and Russia are among the largest wheat exporters in the world.
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Less than three weeks after the start of the Russian invasion in Ukraine, the prices of energy, as well as that of raw and agricultural materials have soared. But the conflict also jeopardizes world food security, warns the International Monetary Fund (IMF) on Monday March 14. For a commodity like wheat, of which Ukraine is a major producer, the effects could be even more dramatic, adds the Washington-based institution. “Disruptions to the spring agricultural season could hamper exports, as well as growth and jeopardize food security” world, say the authors of the report.
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Because Ukraine, nicknamed the “breadbasket of Europe”, and Russia are among the largest wheat exporters in the world. Between them, they hold about a third of world trade. Most Ukrainian wheat is exported in summer and autumn. The longer the war lasts, the more exports will be compromised, with consequences for current and future reserves.
“Disruptions to exports in the Black Sea have immediate effects for countries like Egypt, which are heavily dependent on grain imports from Russia and Ukraine”, pointed out the World Food Program (WFP) in a report published on Friday. And beyond the countries receiving grain from the Black Sea, “those more heavily dependent on grain imports are on the front line”as domestic food prices rise, as a result of rising prices on world grain markets, adds the UN food aid agency.