Governments Tighten Grip on Global Food Stocks, Sending Prices Higher
Source: New York Times
Governments Tighten Grip on Global Food Stocks, Sending Prices Higher
Dozens of countries have thrown up trade barriers in the past two months to protect scarce supplies of food and commodities, but experts say the policies will only exacerbate a global food crisis.
By Ana Swanson
April 30, 2022, 3:00 a.m. ET
WASHINGTON — Ukraine has limited exports of sunflower oil, wheat, oats and cattle in an attempt to protect its war-torn economy. Russia has banned sales of fertilizer, sugar and grains to other nations.
Indonesia, which produces more than half the world’s palm oil, has halted outgoing shipments. Turkey has stopped exports of butter, beef, lamb, goats, maize and vegetable oils.
Russia’s invasion of Ukraine has unleashed a new wave of protectionism as governments, desperate to secure food and other commodities for their citizens amid shortages and rising prices, erect new barriers to stop exports at their borders.
The measures are often well intended. But like the panic-buying that stripped grocery store shelves at various moments of the pandemic, the current wave of protectionism will only compound the problems that governments are trying to mitigate, trade experts warn.
Export restrictions are making grains, oils, meat and fertilizer — already at record prices — more expensive and even harder to come by. ...
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Read more: https://www.nytimes.com/2022/04/30/business/economy/global-food-prices-ukraine.html
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