It only took 24 hours last month for Prime Minister Narendra Modi’s government in India — the world’s second-largest producer of wheat — to shelve its plans to “feed the world.” READ:
In April, Mr. Modi had said publicly that the world’s most populous democracy was ready to fill part of the gap left by Ukraine in global grains markets by increasing its wheat exports, following five consecutive record harvests. India traditionally exports only a modest amount of wheat, retaining most of its crop for domestic consumption.
News of the ban by India, which is the only major wheat exporter at that time of year, drove Chicago wheat futures 6% higher after markets reopened on Monday.India is one of at least 19 countries that have introduced food export restrictions since the war in Ukraine sent prices soaring, hampering international trade flows for several agricultural products and sparking violent protests in some developing nations.
Under World Trade Organization rules, members can impose export prohibitions or restrictions of foodstuffs or other products if they are temporary and required to relieve “critical shortages.” Shortages at that time triggered protests across the globe, particularly in Africa where food represents a comparatively high proportion of household budgets.
World food prices have stabilized at high levels in the past two months as harvests approach. However, there are already some worrying signs with drought in the United States set to reduce the size of the winter wheat crop while in France wheat crops were battered by hail, strong winds and torrential rains this month.
In March, Argentina increased taxes on its soybean oil and meal exports and has imposed a lower cap than last year for new wheat exports. The wave of export restrictions already affect nearly one-fifth of calories traded globally — that’s nearly double the impact of the last global food crisis of 2008, according to the International Food Policy Research Institute , a Washington-based think tank that aims to reduce poverty in developing countries.
After Russia’s invasion, it took additional steps, raising the taxes on shipments of processed soy oil and meal.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Cisco, Nike quit Russia, as pace of Western firms leaving speeds up - BusinessWorld OnlineUS companies Cisco Systems and Nike plan to fully exit Russia, the two firms told Reuters on Thursday, as the pace of Western firms departing accelerated. Telecoms equipment maker Cisco will wind down its business in Russia and Belarus, the company said. Nike is making a full exit from Russia three months after suspending its […]
Baca lebih lajut »
Shanghai’s fashion stores struggle to clear lockdown stock hangover - BusinessWorld OnlineSHANGHAI — Almost a month since Shanghai lifted its strict coronavirus disease 2019 (COVID-19) lockdowns, fashion retailers are stuck with piles of unsold stock as cautious consumers stay away from the commercial hub’s glitzy shopping districts. Curbs to stop the virus in Shanghai, China’s fashion capital, ground the city of 25 million to a halt […]
Baca lebih lajut »
Duterte signs memo to boost financial inclusion - BusinessWorld OnlinePhilippine President Rodrigo R. Duterte’s office on Friday released a memorandum circular directing government bodies to support the implementation of a national strategy boosting access to financial services, which are mostly offered by the private sector. The memorandum directs all departments, agencies, and instrumentalities of the Philippine government to adopt initiatives under the National Strategy […]
Baca lebih lajut »
Peso may depreciate further on US recession fears due to hawkish Fed - BusinessWorld OnlineThe local unit closed at P54.985 on Friday, weakening by 28.5 centavos from its P54.70 finish on Thursday, data from the Bankers Association of the Philippines showed. This was the peso’s weakest finish in over 16 years. READ:
Baca lebih lajut »
New taxes needed, Balisacan says - BusinessWorld OnlineNew taxes may have to be introduced to fund the incoming Marcos administration’s priority projects, but the timing would have to be carefully considered, Socioeconomic Planning Secretary-designate Arsenio M. Balisacan said. READ:
Baca lebih lajut »
Weak peso to further bloat PHL debt stock - BusinessWorld OnlineThe Philippines may find it more costly to service its foreign debts, as the peso slumped to its weakest value against the US dollar in over 16 years, economists said. READ:
Baca lebih lajut »