Global food trade: FAO expects new record
Global food trade

FAO expects new record

Imago / ITAR-TASS
In the ports - like here in Vladivostock - more food and agricultural goods are handled.
In the ports - like here in Vladivostock - more food and agricultural goods are handled.

ITALY, Rome. Global trade in food has accelerated and is on the verge of setting a new record in both volume and value.

This is according to a new report published today by the Food and Agriculture Organization of the United Nations. According to the report, global food imports are expected to reach an all-time high in the current calendar year, surpassing $1,750 billion (€1,511 billion); this would represent a 14 percent increase compared to 2020. Compared to an earlier forecast in June 2021, this would result in an increase of 12 percent.

The FAO explains the development with the higher price level of internationally traded food and a tripling of freight costs. Meanwhile, rapidly rising food and energy prices pose significant challenges to poorer countries and consumers who spend a large portion of their income on these basic needs. For developing regions, FAO expects their total food import bill to increase by 20 percent compared to 2020. Low-income and food-deficit countries would face even greater increases in expenditure as a result of higher costs and growing import volumes.
Meanwhile, the FAO outlined the global production outlook for major cereals as robust, with record maize and rice harvests expected in 2021. However, the use of cereals for human consumption and as animal feed is expected to grow faster, the organization said. For oilseeds and derived products, on the other hand, forecasts for the 2021/2022 season pointed to an improvement in the overall supply situation.

World sugar production is forecast by FAO to recover in 2021/2022 after three years of decline, but still lag behind global consumption. World meat production is projected to increase in 2021, mainly due to rapid production growth in China, especially for pork. And the FAO also expects global growth in milk production.

Source: fleischwirtschaft.de; AgE
tags:
Italy Rome FAO

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