The War in Ukraine and Its Impact on Global Agricultural Trade
Mariia Mykhailova, Olha Yatsenkо, Yuliia Zavadska, Оксана Пилипівна Афанасьєва, Rainer Haas
Abstract
Summary The Russian invasion of Ukraine represents an unforeseen and significant market disruption for global trade with wide-ranging effects on global trade, particularly on the economies of the major import countries of Ukrainian agricultural commodities. The general impact and consequences of the war on the global economy are described, and key components of the market disruptions are identified and put into a historical and geographical context. The degree of interconnectedness between the war in Ukraine and world trade and global gross domestic product (GDP) indices is highlighted. Changes in production and export volumes of the main Ukrainian agricultural commodities and their impact on major import countries are described. Actual and future measures to stabilise and soften the volatility of affected agricultural markets are presented.