Global food imports expected to set new records in 2021

The global food import bill could reach a new record this year of US$1.715 trillion, which is US$185 billion more than in 2020. This 12% increase shows that the economic repercussions of the pandemic are not slowing world demand on that front in 2021.

The estimate is from the United Nations Food and Agriculture Agency (“FAO”), and was presented at the World Trade Organization (WTO) Agriculture Committee, which is meeting until this Friday. The trend confirms that Brazil, a major exporter of agricultural products, will continue to benefit from global trade.

FAO also points out a change in the profile of imports. Last year, the increase in the bill was mainly attributed to the constant advance of purchased volumes, especially of basic products. For 2021, imported volumes remain high as there is an increase in unit costs (international prices and freight).

The FAO food price index reached 127.1 points in May, 36.1 points (39.7%) more than in the same month last year. The rise was driven by strong valuations in oil, sugar, and cereal prices, in addition to guaranteed prices for both meat and dairy products.

Source: Valor Econômico

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https://valor.globo.com/agronegocios/noticia/2021/06/17/importacoes-globais-de-alimentos-deverao-bater-recorde-em-2021.ghtml

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