Trade
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Rice markets in South and Southeast Asia face stresses from El Niño, export restrictions
Agricultural markets—particularly trade in cereals such as wheat and maize—have seen significant volatility over the past year as impacts of the Russia-Ukraine war, combined with tight global stocks, drove prices to record (nominal) highs. The rice market, by contrast, has been generally tranquil (Figure 1). Large global supplies and the lack of any direct trade connection to the Ukraine conflict left rice relatively immune to the price spikes seen with other commodities. But recently there have been signs of trouble.
Six lessons learned from a year of multiple crises: Beyond the Russian invasion of Ukraine
As 2022 came to a close, we attended the GIZ conference “A Year of Multiple Crises: Reflecting the impacts, policy responses and outlook for food security and agriculture in sub-Saharan Africa.” During the event, experts examined the global policy implications of the Russia-Ukraine war regarding food, fuel, and fertilizer, as well as the conflict’s global market disruptions and its particular impacts on African economies.
FAO Food Price Index Rises in April
The FAO Food Price Index rose slightly in April; but remains almost 20 percent below its April 2022 level. Sharp increases in the price of sugar drove the majority of the month-to-month increase.
The political economy of reforming costly agricultural policies
Agricultural support policies provide over $800 billion per year in transfers worldwide. Such policies encompass a broad range of government instruments to support the agriculture sector, which are typically funded from taxpayers and consumers. These include “coupled” subsidies intended to incentivize producers to expand output, “decoupled subsidies” that avoid shifting production incentives, and market-price support measures such as tariff and non-tariff barriers.
Increasing Resilience to Prevent Food Crisis: 2023 Global Food Policy Report Released
Over the past decade, the world’s food systems have faced multiple significant shocks, from the COVID-19 pandemic and the impacts of the Russia-Ukraine conflict to numerous climate change-driven natural disasters and instances of civil unrest and political instability. These challenges have disrupted markets, driven up food and fertilizer prices and price volatility, reduced food availability and accessibility, and pushed millions of people into hunger.