Ukraine’s grain, oilseed, and vegetable oil exports increased by 22.7% in July compared to June to 2.66M tonnes, the agricultural ministry reported on Wednesday.
Since the war began, Ukraine’s grain exports have decreased due to the closure of its Black Sea ports, a vital shipping route. This has increased the price of food globally and raised concerns about food shortages in Africa and the Middle East. Last month, a deal was reached to open Ukrainian seaports and let grain-carrying ships sail away. According to the ministry, July’s exports comprised tons of various other goods and 412,000 tonnes of wheat, 183,000 tonnes of barley, 1.1M tonnes of corn, and 362,100 tonnes of sunseed.
War and Global Food Shortage
The ministry noted that at 2.2M tonnes in the 2022–2023 season, Ukrainian grain exports were still down about 52% yearly. Strong shipments before Russia invaded Ukraine on February 24 helped to propel the 8.5% increase in grain exports for the 2021/22 season that ended on June 30 to 48.5M tonnes. According to Ukraine, 370,000 tonnes of grain were shipped when the seaports were unblocked. According to ministry data, 1.45M tonnes of corn, 562,000 tonnes of wheat, and 192,000 tonnes of barley have been exported thus far in 2022–2023.
According to the administration, due to the loss of territory to Russian soldiers and decreased grain yields, Ukraine might harvest at least 50M tonnes of grain this year, down from a record 86M tonnes in 2021. Since the start of the conflict, the most crucial passage for Ukrainian export has been blocked. As a result, Ukraine’s grain exports have decreased substantially. The impact of the blockage can be visibly seen in the growing price of food globally.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.
Image and article originally from www.financebrokerage.com. Read the original article here.