Russia's invasion of Ukraine is creating an unprecedented commodity shock. That's bad news for emerging markets that import oil and food, but largely a...
Russia’s invasion of Ukraine is creating an unprecedented commodity shock. That’s bad news for emerging markets that import oil and food, but largely a positive for commodity exporters.
Economists at the Institute for International Finance, a trade group representing the global financial services industry, broke down the impact in a Thursday note featuring the chart below: It’s a similar story when it comes to wheat . A $50 rise per metric ton in price for the crucial food grain — also equivalent to a roughly 10% rise — boosts Egypt’s current-account deficit by 0.2% of gross domestic product, the economists found.
Read: $200 crude? ‘Anything could happen’ to oil prices as market grapples with Russia sanctions, says top commodity trader
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