The war in Ukraine has caused grain and sunflower oil exports from the Black Sea region to plunge, adding to the strain of adverse weather in key producing countries threatening global production. With food prices rocketing, a growing list of key producing countries are limiting exports.
Here are some examples of the most recent or most significant food staple export bans.
INDIA – MAY 2022 – WHEAT
India banned wheat exports in a bid to lower local prices, days after saying it was targeting record shipments this year. Global wheat markets surged following the news.
Before the ban, India had aimed to ship a record 10 million tonnes this year.
UKRAINE – FEBRUARY/MARCH 2022 – GRAINS
Ukraine closed its ports shortly after the start of the war with Russia, which Moscow calls a special military operation.
It later banned export of rye, barley, buckwheat, millet, sugar, salt, and meat and introduced export licenses for wheat, corn and sunflower oil. Ukraine is among the world’s leading producers and exporters of grain and the top exporter of sunflower oil.
The halt in Ukrainian exports sent global food prices to record highs.
INDONESIA – APRIL 2022 – PALM OIL
Indonesia, the world’s top palm oil producer, imposed an export ban on several palm oil based products late April in an attempt to secure domestic supply and bring down soaring prices.
The move made global vegetable oil prices soar across the board.
OTHER COUNTRIES – MARCH/APRIL 2022 – GRAINS
Argentina said it would establish a mechanism to control domestic wheat prices and temper food inflation.
Hungary banned all grain exports.
Serbia restricted the quantities of wheat, corn, flour and cooking oil slated for export.
Bulgaria has said it would increase grain reserves and might restrict exports.
ARGENTINA – DEC 2021 – CORN + WHEAT
Argentina capped the volume of corn and wheat that could be exported in a bid to head off domestic grains shortages and tamp down rising food values in the country. The decision sent U.S corn prices to their highest in 6-1/2 years.
RUSSIA 2021 – GRAINS
Russia imposed taxes for grain exports in June 2021 as part of measures the government hoped would help stabilise domestic food inflation.
The agriculture ministry determines the size of the duty on a weekly basis, based on price indicators reported by traders.
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