Export Restrictions as Stabilization Responses to Food Crisis

Abstract

In response to the dramatic increases in world agricultural commodity prices during the food crisis of 2007–08 many countries pursued trade and domestic policy responses intended to stabilize domestic markets and protect urban consumers (Abbott 2009). Import tar-iffs were reduced, strategic grain reserves were released, domestic taxes were cut, and in some cases imports and consumption were subsi-dized (Demeke, Pangrazio and Maetz 2008). Exporters, including some of the major sup-pliers to world markets, restricted exports by imposing taxes, quotas, and even outright bans on exports. Those export restrictions are believed to have contributed significantly to the extent of world price increases (Mitra and Josling 2009). The extraordinary increase in the world rice price, without justification based on supply, use and stocks worldwide, has been attributed mostly to export bans and restrictions by the large traders (Timmer 2008). Not all of the major grain exporters restricted exports. Table 1 shows who among the major exporters restricted exports in some fashion and also indicates who among the rice exporters limited exports. It also shows a number of developing country importers who restricted exports to ensure that their stabiliza-tion measures did not result in grain leaving those countries to higher priced neighbors. The key question addressed here is why did some exporters leave their borders open while oth-ers withdrew from world markets? The answer comes from the level of development, which determines dietary composition and the length

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