Limiting food exports to 30 nations, IMF warns of severe global economic turmoil
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Limiting food exports to 30 nations, IMF warns of severe global economic turmoil
Food producingSLOTXOcountries have imposed export restrictions. Analysts fear further turbulence in the global economy, in addition to inflation. pointing to the impact of all, including wealthy nations
On May 26, 2022, Bloomberg reported that food hoarding measures or restricting food exports Of the food-producing countries, there are now over 30 countries that have imposed bans on food exports. to support the price including stock for domestic consumption The measure was a result of the effects of the Ukrainian war. and economic pressure measures against Russia This affects several key commodities that are missing from the global supply chain.
Bloomberg stated that Malaysia is the latest country to announce a suspension of chicken exports. As a result, consumers in Singapore are on the verge of hoarding chicken in many supermarkets until there is a shortage of markets. This is because Singapore is a nation that relies on imports of chicken meat from Malaysia as much as one-third of its domestic consumption. The most clearly affected cases are Previously restricting palm oil exports for consumption by Indonesia which after Indonesia has announced the relaxation of such restrictions with India's ban on wheat exports which is the 2nd largest wheat exporter in the world
Measures to limit or ban food exports from 30 countries apply. As a result, poor countries are most at risk of rising food prices. Against the low cost of living for citizens nevertheless Rich countries are also not immune to the impact of such food hoarding measures.
For example in the UK At least 10 million Britons cut their food spending in April. amid the rising cost of living crisis Likewise, restaurants in the United States, while not raising food prices, have reduced the amount of food served to their customers. Unlike France, the Paris government Prepare food vouchers for some low-income households.
Sabrin Chowdrie, head of commodities at analytics firm Fitch Solutions, told Bloomberg: Since the Russo-Ukrainian War There are now food hoarding or export bans that have been extended to 30 countries around the world. This is the worst agricultural stockpiling situation in 15 years since the 2007-2008 food price crisis.
“We believe that food hoarding measures will continue throughout 2022 and are likely to increase in the coming months. which risks exacerbating food insecurity especially citizens in fragile countries.”
The United Nations' global food price gauge has jumped more than 70 percent since mid-2020 and is near a record high. After the invasion of Ukraine disrupted crop exports and shook the supply chain. More food deprivation drives up costs negatively affect the purchasing power of consumers. And it has created a headache for many central banks trying to curb inflation that continues to rise.
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