Ukraine and food protectionism

Useful video from the FT which looks at exporting countries of primary goods and the introducing of greater protectionist measures as global food prices increase. There have been various reasons for these prices – supply chain problems – labour shortages – rising energy cost – drought – and of course the Ukraine War. Ukraine and Russia provide a significant amount of global wheat and plant oils. The VoxEU.org economic policy group stated that export limits imposed during the 2008 financial crisis pushed food prices up by an average of at least 13 per cent. Restrictions on food shipments can also damage the trading reputation of nations that enforce them and rob local farmers of lucrative access to markets when prices are high. Business leaders and policy makers warn that escalating restrictions could lead to a trade war, which will impact the world’s poorest people the most.

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