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Question-2: Why are food prices rising? How important are Russia and Ukraine for global food security?

 

Answer: Russia’s invasion of Ukraine and the subsequent sanctions on its economy have sent global food prices soaring, threatening to push millions of people, especially those in low­ income countries, into starvation.

Importance of Russia and Ukraine for global food security

  • Many countries were facing growing food insecurity even before Russia’s war. Climate shocks, conflicts and the COVID­19 pandemic had disrupted supply chains, pumping up prices of both commodities and crops.
  • The war in Ukraine has aggravated this situation. As of June 1, 2022, the Agricultural Price Index was 40% higher compared to January 2021, according to the World Bank.
  • Russia and Ukraine together account for more than a quarter of the world’s wheat supplies.
  • Russia’s share in the global exports of wheat, the world’s most widely grown crop, is some 20%, while Ukraine accounts for 8%.
  • About 50 countries depend on Russia and Ukraine for more than 30% of their wheat imports, according to the FAO.
  • Besides wheat, Ukraine is the world’s eighth largest producer and fourth largest exporter of corn, accounting for 16% of global exports.
  • Furthermore, Ukraine, which produces up to 46% of sunflower ­seed and sunflower oil is the world’s largest exporter of sunflower oil.

Thus, The only practical solution to take Ukrainian grains to the global markets is to open the Black Sea routes.

And to ease the pressure on global food items, Russia will also have to step up exports of both grains and fertilizers.

Tags: GS 2 ( International relations)
By – Prashant Tiwari

Updated on 10 Jun 2022 |   Added on .10 Jun 2022  |  by admin