PARIS: The collapse of the Black Sea export corridor, which allowed the export of more than 32 million tonnes of Ukrainian grain over the past year, should have little immediate impact but o
, which allowed the export of more than 32 million tonnes of Ukrainian grain over the past year, should have little immediate impact but over the medium term create market tension and push up food prices.The situation is very different from February 2022, when Russia invaded Ukraine, which cut off shipping in the Black Sea, the main export route for Ukrainian agricultural products.
Wheat output is forecast to drop to 17.5 million tonnes in the 2023-2024 season from 33 million tonnes in the 2021-2022 season."In 2023-2024, Ukraine should export six million tonnes less of wheat and 10 million tonnes less of corn," said Gautier Le Molgat, an analyst at Agritel, which provides data and analysis on agricultural markets.
The Farm Foundation, a think tank that specialises in agricultural issues, estimates that half of Ukraine's agricultural exports already takes these routes.
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