REACTION OF THE CEREAL MARKET TO THE DISRUPTION OF TRADE FLOWS IN ROMANIA

Mihaela Kruzslicika ()
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Mihaela Kruzslicika: Institute of Agricultural Economics, Romanian Academy, Bucharest

Agricultural Economics and Rural Development, 2022, vol. 19, issue 2, 219-238

Abstract: The paper presents the reaction of the Romanian cereal market to the disruption of trade flows caused by certain shocks, such as the COVID-19 pandemic, which lead to changes with high impact on the functioning of this market, representing an important test for the resilience of the sector. Due to trade liberalization in global markets, including agri-food markets, the competitiveness of exports has become increasingly important, contributing to the creation of the country's competitive advantage. Any restrictions to trade in agri-food products can distort trade flows, and this disruption will have an impact on supply and prices. Maintaining a balance between imports and exports is essential to ensure domestic market stability. International trade in agri-food products plays an important role in global food security. The results show that Romania mainly exports unprocessed agricultural products, with cereals having the largest share in the export structure, cereal supply is dependent on climate change, yet it is one of the products with the lowest volatility. The cereal market shows a more elastic reaction to price responses, even though demand for staple foods is generally inelastic.

Keywords: disturbance; market balance; trade; cereals; Romania. (search for similar items in EconPapers)
JEL-codes: Q02 Q11 Q12 Q17 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:iag:reviea:v:19:y:2022:i:2:p:219-238

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