French wheat exports crumble as Russian influence rises in Africa
Economist Thierry Pouch, in an interview with L’Express, highlights that Russia’s low-priced wheat is displacing French wheat in African markets amid France’s worst harvest in decades. France’s wheat yields have plummeted by 24% compared to the five-year average, potentially marking the lowest harvest since 1987. Pouch describes this trend as the “Russification of the global market,” with Russia leveraging low prices and influence to dominate wheat distribution, often giving it away for free.
Economist Thierry Pouch, in an interview with the weekly L’Express, says Russia is effectively pushing French wheat out of its markets in Africa amidst France’s worst harvests in decades. He believes “we are witnessing the Russification of the global market.”
France is experiencing exceptionally poor harvests of common wheat this year, with yields dropping by almost 24 per cent compared to the five-year average, reports “L’Express.” According to the French Ministry of Agriculture, the harvest could be the lowest since 1987.
In Pouch’s assessment, the poor harvests will certainly reduce the surplus of French wheat exports, whose main recipient outside the EU has been Algeria.
This historic decline came at the worst possible time, remarked the expert. While the production was particularly weak in France, it was better elsewhere, especially in our main competitors from the USA and Russia, he added.
As Pouch noted, Russia “imposes low prices and uses its influence in Africa to distribute wheat, sometimes for free.” – We are witnessing the Russification of the global market – added the expert.
Source Link : https://www.msn.com/en-ie/money/other/french-wheat-exports-crumble-as-russian-influence-rises-in-africa/ar-AA1ppw2H
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