01 Sep Export Restrictions Are Causing Global Food Price Pressure, Report Finds
Export restrictions imposed by governments are exacerbating price rises and global food insecurity, according to a new report from the Australian Bureau of Agricultural and Resource Economics and Sciences.
The global surge in world grain prices following Russia’s invasion of Ukraine, the poor growing conditions in major exporting countries, as well as the impact of COVID-19 are all factors contributing to current grain prices, and consequentially, a food security crisis.
Unfortunately, but understandably, often in times of increasing world food prices, governments respond by placing export restrictions on their own commodities with the goal of moderating domestic prices and easing the burden on the governments’ own populations.
However, these decisions further exacerbate both price rises and food insecurity, often hurting the poorest people who are already struggling to put food on the table.
Therefore, removing export restrictions or avoiding their implementation, and instead focusing on free and open trade through multiple trading relationships, can help to ensure food is more available globally, as well stabilise food supplies, reducing food insecurity across the globe.
If you have any further queries, please contact our helpful team.
Yours sincerely,
Rachael Budd & The Transolve Global Team
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