South Korea, Malaysia Most Exposed to U.S. Drought
Consumers across the globe will feel the effect of higher food prices caused by the worst U.S. drought since the 1950s. The United States is the world’s largest exporter of corn and wheat, and is the third largest exporter of soymeal. Accordingly, corn prices have risen 26 percent this year, while wheat prices have increased 36 percent and soymeal has surged 84 percent. Within Asia, South Korea and Malaysia will be most adversely affected, considering direct effects referenced in per capita and GDP terms.