Food Export Bans Risk Fueling Inflation in Many Countries
2022-07-01
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1In April, Indian Prime Minister Narendra Modi said India was ready to increase exports of wheat to "feed the world."
2The South Asian nation was looking back on five straight record wheat harvests.
3However, high heat that decreased wheat production and the highest inflation in eight years led to a change in policy for the nation of 1.4 billion people.
4One government official, who asked to not be identified, said Modi's office ordered a stop to wheat exports because of high inflation.
5Inflation was in part what caused the toppling of the Congress Party government in 2014.
6India is one of at least 19 countries that have introduced food export restrictions since the war in Ukraine began.
7Violent protests have started in some developing nations as international trade in several agricultural products decreases.
8Countries including India, Indonesia, Argentina and Serbia have imposed restrictions.
9Economic damage caused by the COVID-19 pandemic, extreme weather, and supply chain problems have threatened many places with hunger.
10The United Nations World Food Program (WFP) said in April that the number of people facing severe food insecurity had doubled since 2019.
11The WFP estimates that 276 million people in the 81 countries in which it operates are at risk.
12Now, as exports from two major agricultural producers are affected, the WFP predicts that number will increase by at least 33 million.
13World Trade Organization members can ban or restrict exports on food or other products if the move is temporary and is needed to relieve "critical shortages."
14India's Commerce Minister Piyush Goyal told Reuters last month that he had been in contact with the WTO and the International Monetary Fund (IMF).
15He said India needed to explain that it has to deal with food security, prices, and hoarding.
16Michele Ruta is an economist with the World Bank Group.
17He said export restrictions risk worsening the rise in world food prices.
18He said restrictions produce a domino effect as a deepening crisis causes other countries to take similar steps.
19Many economists said the world food crisis is already more severe than the last one in 2008.
20Simon Evenett is a professor of international trade and economic development at the University of St. Gallen in Switzerland.
21He said, "This time around that is harder to do as we do have a supply hit here in both Ukraine and Russia."
22He said the size of summer harvests in major food producers would help predict how the situation develops in the second half of 2022.
23Information from the U.S. Department of Agriculture shows that Ukraine and Russia provided 28 percent of world wheat exports, 15 percent of corn exports, and 75 percent of sunflower oil exports in the 2020 to 2021 season.
24I'm Dorothy Gundy.
1In April, Indian Prime Minister Narendra Modi said India was ready to increase exports of wheat to "feed the world." 2The South Asian nation was looking back on five straight record wheat harvests. 3However, high heat that decreased wheat production and the highest inflation in eight years led to a change in policy for the nation of 1.4 billion people. 4One government official, who asked to not be identified, said Modi's office ordered a stop to wheat exports because of high inflation. Inflation was in part what caused the toppling of the Congress Party government in 2014. 5India is one of at least 19 countries that have introduced food export restrictions since the war in Ukraine began. 6Violent protests have started in some developing nations as international trade in several agricultural products decreases. 7Countries including India, Indonesia, Argentina and Serbia have imposed restrictions. Economic damage caused by the COVID-19 pandemic, extreme weather, and supply chain problems have threatened many places with hunger. 8The United Nations World Food Program (WFP) said in April that the number of people facing severe food insecurity had doubled since 2019. The WFP estimates that 276 million people in the 81 countries in which it operates are at risk. 9Now, as exports from two major agricultural producers are affected, the WFP predicts that number will increase by at least 33 million. 10World Trade Organization members can ban or restrict exports on food or other products if the move is temporary and is needed to relieve "critical shortages." 11India's Commerce Minister Piyush Goyal told Reuters last month that he had been in contact with the WTO and the International Monetary Fund (IMF). He said India needed to explain that it has to deal with food security, prices, and hoarding. 12Michele Ruta is an economist with the World Bank Group. He said export restrictions risk worsening the rise in world food prices. He said restrictions produce a domino effect as a deepening crisis causes other countries to take similar steps. 13Many economists said the world food crisis is already more severe than the last one in 2008. 14Simon Evenett is a professor of international trade and economic development at the University of St. Gallen in Switzerland. He said, "This time around that is harder to do as we do have a supply hit here in both Ukraine and Russia." He said the size of summer harvests in major food producers would help predict how the situation develops in the second half of 2022. 15Information from the U.S. Department of Agriculture shows that Ukraine and Russia provided 28 percent of world wheat exports, 15 percent of corn exports, and 75 percent of sunflower oil exports in the 2020 to 2021 season. 16I'm Dorothy Gundy. 17Rajendra Jadhav, Maximilian Heath, and Nigel Hunt reported this story for Reuters. Gregory Stachel adapted it for VOA Learning English. 18________________________________________________________________________ 19Words in This Story 20topple - v. to remove (a government or a leader) from power 21supply chain - n. the systems and organization involved from manufacturing a product to providing it to a buyer 22relieve - v. to reduce or remove (something, such as pain or an unpleasant feeling) 23hoard - v. to collect and hide a large amount of (something valuable) 24domino effect - n. a situation in which something, usually bad, happens and causes other similar events to happen 25sunflower - n. a tall plant that has very large yellow flowers and that produces seeds which can be eaten 26We want to hear from you. Write to us in the Comments section, and visit our Facebook page.