FAO: global food imports to reach USD 1.8 trillion

Driven by higher prices and transport costs rather than volumes, the global food import bill is projected to rise from $51 billion to $1.8 trillion in 2022, according to the Food Outlook report released on June 9 by the Food and Agriculture Organization of the United Nations (FAO).

“Given soaring input prices, weather concerns, and heightened market uncertainties stemming from the war in Ukraine, the latest FAO forecasts point to the tightening of food markets, marked by food import bills reaching a new record,” said Upali Galketi Aratchilage, an FAO economist and editor-in-chief of Food Outlook.

Published twice a year, the Food Outlook offers FAO analysis of market supply and demand trends for the world’s top food items, including cereals, oilseeds, sugar, meat, dairy, and fish. It also analyzes trends in futures markets and shipping costs for food products.

The new edition also contains two special chapters examining rising prices for agricultural inputs such as fuel and fertilizers and the risks that the war in Ukraine poses to global food commodity markets.

Source: Agrolink

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