【WTO】The impact of the COVID-19 crisis on agricultural trade
- Categories:News
- Time of issue:2020-09-11 09:50
【WTO】The impact of the COVID-19 crisis on agricultural trade
- Categories:News
- Time of issue:2020-09-11 09:50
While overall merchandise trade fell sharply in the first half of 2020, agricultural and food exports increased by 2.5 per cent during the first quarter of the year compared to the same period in 2019, with further increased in March and April. However, the crisis has exerted further downward pressure on food prices, and therefore on producer revenues.
In addition, while world food stocks and production levels for the most widely consumed staples — rice, wheat and maize — are at or near all-time highs, the COVID-19 pandemic’s impact on jobs and incomes has increased the number of hungry people worldwide.
The paper warns that countries are still fighting the pandemic, and its repercussions for food supply chains are still unfolding. While there is currently no reason why the ongoing health crisis should turn into a food crisis, disruptions to food supply chains constitute a risk, with governments’ trade policy choices likely to determine how the situation evolves.
