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India’s export restrictions on rice continue to disrupt global markets, supplies, and prices
Six months after India introduced a set of export restrictions on rice with the aim of holding down domestic prices, global rice markets continue to feel the impact.
Food Prices Decline in January But Potential Shocks Remain
The FAO Food Price Index continued its decline in January, driven mainly by falling cereal and meat prices. The January 2024 Index was 10.4 percent below its January 2023 level.
Impacts of Red Sea shipping disruptions on global food security
The recent attacks of Yemen-based Houthi rebels on ships in the Red Sea have paralyzed shipping through the Suez Canal, forcing exporters in the Black Sea region and elsewhere to consider alternative—and more costly—shipping routes. In early January, A.P. Moller-Maersk A/S, the world's second-largest container ship company, announced it would suspend shipments through the Red Sea. Trade volumes in the Suez Canal are down an estimated 40% since the attacks began.
FAO Food Price Index Falls in 2023
In 2023, the FAO Food Price Index stood nearly 14 percent below its 2022 value, according to the report’s January edition. The December Index also declined month-on-month from November, falling 1.5 percent due to declining sugar, vegetable oil, and meat prices.
Report launch: The key role of trade in strengthening food security in Latin America and the Caribbean
Recent events such as the war in Ukraine and the El Niño weather cycle have demonstrated how shocks triggering changes in production and distribution of food in one country or region can reverberate around the world, eroding food security for millions if not billions. Efficient, agile, and diverse trade networks can help countries and suppliers to cope with these shocks and strengthen food security. These networks are especially relevant for Latin America and the Caribbean (LAC).