How is The War In Ukraine Effecting The Food Supply Chain?
As Russia’s War on Ukraine continues to accelerate the sanctions made by the UK, the US and other countries deepen the impact on the supply chains around the globe. Close to 300,000 companies in the US and Europe alone have suppliers in either Russia or Ukraine, which is an astronomical amount. This shows how intertwined we really are and gives some perspective on the scale of the situation.
We are now seeing a huge change in supply chains as companies are now looking at every step in their chain and monitoring with extreme detail, so they can evolve and work alongside any other crisis which may come along. This will involve new strategies which could see a mix of local and global partners.
A simple example of how companies may need to diversify their supply chain is the current need to lean on Russia and Ukraine for fertiliser, wheat and sunflower oil. Commodities are used all over the world but come from hardly any other country than Russia and Ukraine. This is naturally causing a rise in prices due to the difficulty sourcing along with inflation is a genuine threat.
This is not the first global crisis or event to enhance the calls for a de-globalisation of supply chains. The US / China trade war and Covid-19 issues in very recent times have companies giving serious thought to ripping up the playbook and starting again. With the war still gathering pace, many companies who were being ‘brave’ and sticking to their trusted principles are now becoming dubious.
What no one knows is where this will end. There is a huge concern with regards to the surrounding countries and how they might be affected the longer the war carries on. This will intensify the strain on the globe not only in terms of food but on other industries that rely on the infrastructure of other countries in Eastern Europe.
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