India has banned wheat exports, becoming the latest country to do so as the price of grain surged this year due to the Russia-Ukraine war.
Russia and Ukraine are among the biggest exporters of wheat, which has gone up in price. The World Bank says that both countries account for 29% of global wheat exports.
India announced on Saturday that wheat prices would go up.
Russia's invasion came at a bad time for global food markets, with food prices already high due to supply chain disruptions.
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Russia and Ukraine are among the top five global exporters of important cereals and oilseeds, such as corn, wheat, and sunflowers.
India is not the only one. Russia and Ukraine are two of the countries that have banned wheat exports.
It's not just wheat. As a result of the Ukraine crisis, many countries have implemented a ban on other food exports.
Prices for a wide variety of other food products have gone up. Some of the products include grains, palm oil, and sunflower oil.
The supply of many food products is uncertain.
As the war continues, there is a growing likelihood that food shortages, particularly of grains and vegetable oils, will become acute...Peterson Institute for International Economics
The conflict is preventing a normal planting season and has not been able to export grains, fertilizers and vegetable oil. Russia has been accused of stealing hundreds of thousand of metric tons of grain. Russia's foreign ministry did not respond to CNBC's request for comment.
As the war continues, there is a growing likelihood that food shortages, particularly of grains and vegetable oils, will become acute, leading more countries to turn to restrictions on trade.
According to the Financial Times, the Group of 7 industrialized nations issued a warning over the weekend about the risk of a world hunger crisis unless Russia lifts a blockade on Ukrainian grain that is currently stuck at Ukrainian ports.
The live tracker developed by the PIIE shows a list of countries that have banned food exports in the months after the Russia-Ukraine war started.
| Country | Type of food product | Ban end date |
|---|---|---|
| Argentina | Soybean oil, soybean meal, | Dec 31, 2023 |
| Algeria | Pasta, wheat derivatives, vegetable oil, sugar | Dec 31, 2022 |
| Egypt | Vegetable oil, maize | June 12, 2022 |
| Wheat, flour, oils, lentils, pasta, beans | June 10, 2022 | |
| India | Wheat | Dec 31, 2022 |
| Indonesia | Palm oil, palm kernel oil | Dec 31, 2022 |
| Iran | Potatoes, eggplant, tomatoes, onion | Dec 31, 2022 |
| Kazakhstan | Wheat, wheat flour | June 15, 2022 |
| Kosovo | Wheat, corn, flour, vegetable oil, salt, sugar, | Dec 31, 2022 |
| Turkey | Beef, mutton, goat meat, butter, cooking oils | Dec 31, 2022 |
| Ukraine | Wheat, oats, millet, sugar | Dec 31, 2022 |
| Russia | Sugar, sunflower seeds | Aug 31, 2022 |
| Wheat, meslin, rye, barley, maize | June 30, 2022 | |
| Serbia | Wheat, corn, flour, oil | Dec 31, 2022 |
| Tunisia | Fruits, vegetables | Dec 31, 2022 |
According to local media reports, India has banned wheat exports to manage the country's food security.
Indonesia restricted the exports of palm oil, a key ingredient used in many food and non-food products, after implementing a food export ban.
After global food inflation soared to record highs following the war, Indonesia cited the need to ensure food availability domestically. Indonesia accounts for half of the world's palm oil supply.
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