4 min read.Updated: 23 Mar 2022, 01:59 AM ISTVivek Kaul
Painful food inflation has stoked political unrest in many countries before and could do so again
In order to understand the political and economic repercussions of Russia’s attack on Ukraine, analysts and economists have been concentrating on the rise of crude oil and natural gas prices, among other things. This isn’t surprising given that Russia is the world’s second largest exporter of oil and the largest exporter of natural gas. But there is another important commodity that needs attention, and that’s wheat. Data from Observatory of Economic Complexity tells us that the total global wheat trade stood at $44.1 billion in 2019. Russia was the top exporter, with exports worth $8.1 billion. Ukraine was fifth with $3.1 billion. Hence, Russia and Ukraine accounted for a fourth of the world’s total wheat exports.