Trade Magazin (Hungary) published an article stating the curbs on food trade have been dealt a huge blow after major agreements were reached at the WTO in Geneva. IFPRI disclosed that 17.22 percent of Kcal turnover in international food trade was subject to export bans, higher tariffs, or other trade barriers this year. IFPRI data details that the three-week ban on Indonesian palm oil exports was the most significant impact of the war on food in Ukraine since the start of the war, restricting US$19.02 billion worth of products. Affecting 54.7 percent of the global caloric content of palm oil, it has shaken the vegetable oil market, where prices have almost doubled in a few months. (See the IFPRI tool, Food & Fertilizer Export Restrictions Tracker).
Thanks to the food embargo, one in six foods remains limited on the world market (Trade Magazin)
July 12, 2022