During the last two years, Lebanon’s wheat reserves were increasingly affected by the Beirut port’s explosion that destroyed the silos containing enough wheat reserves to feed the country.
The Lebanese Minister of Economy and Trade, Amin Salam, said on Tuesday that Lebanon should take into consideration other options of importing wheat as the Russian-Ukrainian conflict is expecting to escalate.
Wheat prices are now increasing in Lebanon since it imports 60% of its wheat from Ukraine and 12% from Russia, both sources currently warring. Consequently, the worldwide market will also be impacted by the recent military developments in Ukraine under the Russian invasion.
Lebanon is facing the collateral consequences of the conflict and risks a shortage of wheat soon since it depends on these countries for its major supply of wheat.
The development of the military conflict is causing problems worldwide and the world economy and trade will be inevitably affected if Russia doesn’t stop its invasion attempts soon.
In economic-crippled Lebanon, a new shortage of wheat will come to add to the hardships of the people who are already struggling with hyperinflation.
The Lebanese Minister of Economy and Trade is seeking to find a solution before the country runs out of its wheat reserves. He estimated that there is only enough wheat for one month and that Lebanon must explore other options before running out of this basic good.