Ukraine is the second-largest exporter of corn, wheat, and barley following the United States which is the leading exporter. Due to the war between Ukraine and Russia, there has been a spike in prices for wheat and grains. This has led to disruptions of business operation, and trade, a sour economic vantage point, and higher commodity prices.
The impact of this disastrous war has not only affected food and agriculture in Europe but in so many other continents that depend on the exported produce from Ukraine. Alongside higher prices of food, this could also lead to increased hunger and food insecurity worldwide.
Also, one of the effects of this long-lasting war as expressed by the World Bank is that it makes it harder for low and middle-income countries to recover from the economic impact of COVID 19.
Russia contributes 18% of the world wheat’s exports and 14% of fertilizers. It is a major exporter of energy and metals. Oil prices have doubled since the start of this war and if this continues it would affect so many countries like South Africa, Turkey, and Indonesia.
“Let’s be clear: there is no effective solution to the food crisis without reintegrating Ukraine’s food production,” Antonio Guterres, UN Secretary-General, said. “Russia must permit the safe and secure export of grain stored in Ukrainian ports.”