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Can agricultural exports from Southern Cone countries make up for global supply disruptions arising from the Russia-Ukraine war?
The economies of the Southern Cone (Argentina, Brazil, Chile, Paraguay, and Uruguay), major agricultural exporters still recovering from the negative impacts of the COVID-19 pandemic, have benefited from the rise in international prices accompanying the Russian invasion of Ukraine. With the war disrupting global supplies, the net exporting countries of the region have the opportunity to increase their exports.
Hunger Levels Continue on the Rise: 2022 Global Hunger Index Released
Over the past two years, the impacts of ongoing regional conflicts, climate change, the COVID-19 pandemic, and the Russian-Ukraine war have drastically weakened the world’s already inadequate, unsustainable food systems. This confluence of factors has induced in supply chain disruptions and high and volatile prices for food, fertilizer, and fuel, and the result has been the third global food crisis in less than two decades.
How sanctions on Russia and Belarus are impacting exports of agricultural products and fertilizer
The sanctions imposed by the European Union, United States, Canada, and other countries on Russia and Belarus following Russia’s February 24 invasion of Ukraine included restrictions on banking, trade, technology transfers, and specific individuals. These came on top of earlier sanctions on both countries – on Russia, in response to its 2014 annexation of Crimea, and on Belarus, in response to human rights violations in 2020 and its forced grounding of Ryanair flight 4798 to seize a dissident journalist in 2021.
Concerns over Black Sea Grain Initiative and the Impact on Food Prices: FAO Food Price Index and AMIS Market Monitor Released
The October FAO Food Price Index remained largely unchanged from September, with rising cereal prices balanced by declines in the other commodity groups. The overall Food Price Index has fallen by almost 15 percent from March 2022 but remains 2 percent above its October 2021 levels.
Suspension of the Black Sea Grain Initiative: What has the deal achieved, and what happens now?
Russia’s October 29 announcement that it was suspending its participation in the Black Sea Grain Initiative—which allows shipments out of Ukrainian ports—was not a surprise; Russia had been skeptical of the deal since the start. But now the supply disruptions will begin again: the move will have a negative impact on Ukraine, its customers, on world market prices—and global food security, particularly for countries in the Middle East and North Africa (MENA) region.