UN: "Global Food Crisis to Worsen Due to Russia's Invasion"

[Image source=Yonhap News]

[Asia Economy Reporter Jeon Jinyoung] An analysis by a UN-affiliated agency has emerged, warning that the war between Russia and Ukraine, known as the world's grain warehouses, will trigger a global food crisis.

According to overseas media on the 18th, the United Nations Conference on Trade and Development (UNCTAD) expressed concerns in a report on the 16th (local time) that the Russian invasion will worsen food conditions in poor African countries and some developing nations.

As of 2020, Russia and Ukraine accounted for 53% of the world's trade in sunflower oil and seeds, 27% in wheat, 23% in barley, and 14% in corn.

UNCTAD particularly worried that African countries are heavily dependent on crops from the two countries. From 2018 to last year, Africa imported wheat worth $3.7 billion (approximately 4.5 trillion KRW) and $1.4 billion (approximately 1.7 trillion KRW) from the two countries, respectively.

In 15 of these countries, the proportion exceeded half, indicating serious concerns about import disruptions.

Somalia imports 100% of its wheat from the two countries, and Egypt is also known to import over 80%.

UNCTAD stated, "Considering the vulnerable international economic situation due to COVID-19, the risks of economic recession caused by rising prices, food shortages, and civil unrest cannot be underestimated."