Posted on March, 23, 2022 at 09:06 am
The raging war in Ukraine, long considered the "breadbasket" of Europe, is already causing disruptions and undermining food security beyond Europe's borders.
"The Black Sea basin is one of the world's most important areas for grain and agricultural production, and the food security impact of the conflict will likely be felt beyond Ukraine's border, especially on the poorest of the poor," said the United Nation's World Food Programme executive director David Beasley in a statement as the war broke out.
Ukraine has some of the most fertile land on the planet, and it is thanks to this rich soil that the country is among the top four exporters of grains in the world. On top of that, the country is also the biggest producer and exporter of sunflower oil on the planet.
The interruption of the normal flow of these products from Ukraine "will increase prices and add further fuel to food inflation at a time when its affordability is a concern across the globe," explained Beasley, citing the pandemic.
According to the U.N. food agency, food and feed prices could rise up to 20 percent around the world. Analysts fear that the global price of wheat could even double.
Keeping faithful to its nickname of "granary of Europe," Ukraine is a massive producer of grains—mainly corn and wheat.
The U.S. International Trade Administration estimates that grain production volumes have been steadily increasing in Ukraine since 2013, with this growth being halted in 2020 because of the pandemic and unfavorable weather conditions.
Source: News Week