A Commod Africa article reports in the weeks following Russia’s invasion of Ukraine, export restrictions, and/or suspension measures on several agricultural products were put in place by some countries. These decisions helped propel the prices of certain products to new heights and increase market volatility. At the peak of the crisis near the end of May, twenty-three countries imposed export restrictions affecting nearly 17 percent of global food and nutrition exports (on a calorie basis), according to the International Food Policy Research. Institute (IFPRI). In the second half of the year, IFPRI observed an easing in the rise in food prices and a reduction in export restrictions. From July, the amount of trade affected by export restrictions fell to 7.3 percent and remained largely at this level for the balance of the year 2022.
Throughout 2022, 32 countries imposed 77 export restrictions in the form of export license requirements, export tax or duties, outright bans, or a combination of measures.
Read the full article and examine an IFPRI graphic on crops and inflation.
