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Raw Materials Fetch Premium Prices

Source: Statista

The effects of the war in Ukraine are felt in many ways – the one that is probably most pervasive in the daily lives of people around the world is rising prices. Russia and Ukraine have a significant influence on the world economy due to their role as suppliers of a number of essential raw materials. These include fossil fuels, agricultural commodities as well as several metals.

The latest OECD Economic Outlook states that the two countries together account for around 30 percent of world wheat exports, 15 percent of maize exports, 20 percent of mineral fertilizers and natural gas exports as well as 11 percent of oil exports. According to the report, global supply chains are additionally dependent on Russian and Ukrainian exports of precious metals.

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