The global food trade should hit an all-time record high in both volume and value terms, according to a new report released on Thursday by the UN Food and Agriculture Organization (FAO).
By the end of 2021, the global food import bill should extend beyond $1.75 trillion, marking a 14 percent increase from the previous year, and 12 % higher than the previous forecast.
According to FAO’s new Food Outlook, trade-in foodstuffs have shown “remarkable resilience” to disruptions throughout the pandemic, but rapidly rising prices, pose significant challenges for poorer countries and consumers.
The increase is driven by higher price levels of internationally traded food commodities and a threefold increase in freight costs.
Developing regions account for 40 percent of the total and their food import bill is expected to rise by 20 percent compared to the year before. Even faster growth is expected for Low-Income Food Deficit Countries (LIFDCs).
In developed regions, while high-value foods, such as fruits and vegetables, fishery products, and beverages are driving the bulk of the increases.
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