Ukraine sets export quotas on wheat, key agricultural products

0
Since Russia’s assault on Ukraine, wheat prices have risen to record highs, surpassing levels seen during the 2007-2008 food crisis © Valentyn Ogirenko/Reuters

Ukraine, one of the world’s leading wheat producers, has imposed restrictions on the export of the crop and other agricultural products amid Russia’s brutal military invasion, the Interfax-Ukraine reports the news agency.

According to a government decree published on Sunday evening, a license issued by the authorities is now required to export wheat, poultry meat, eggs and sunflower oil.

Quotas were also introduced for the export of cattle and beef, salt, sugar, oats, buckwheat, rye and millet.

The dispute has pushed wheat prices higher, with Russia the world’s largest grain exporter and Ukraine the fourth, according to estimates by the US Department of Agriculture.

The United Nations World Food Program on Friday warned of a looming food crisis in conflict-affected Ukraine and said disruptions to production and exports could lead to food insecurity around the world.

The body noted that with Russia and Ukraine supplying around 29% of global wheat trade, severe disruptions in production and exports could push food prices even higher – already to 10-year highs. years.

The Food and Agriculture Organization of the United Nations (FAO) said last week that its food price index for February rose nearly 4% from January.

“[As the] The food price index measures average prices over the month, the February reading only partially incorporates market effects resulting from the conflict in Ukraine,” the FAO said on Friday.


Source link

Share.

Comments are closed.