Головна News World markets Global food import prices to peak in 2021

Global food import prices to peak in 2021

A new report of the UN Food and Agriculture Organization (FAO) notes the acceleration of global food trade, the volume of which is close to a record in both quantitative and monetary terms. ProAgroGroup reports this with reference to the information of the organization.

In particular, FAO notes that while the world’s food trade has shown “remarkable stability in the face of adverse impacts throughout the COVID-19 pandemic”, skyrocketing food and energy prices are creating serious problems for poorer countries and consumers who spend a significant portion of their incomes on these basic necessities.

The FAO expects global food imports to reach a record $1.75 trillion in 2021, 14% up from the previous year and 12% above the June 2021 forecast. The above-mentioned price increases are caused by the rising cost of food products on the international market, as well as a threefold increase in transportation expenses.

Developing regions account for 40% of total imports and the total value of food imports is expected to increase by 20% compared to 2020.

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