The global food import bill is on course to hit a new record of USD 1.8 trillion this year, but higher prices and transport costs rather than volumes account for the bulk of the expected increase, according to the latest edition of the Global Food Outlook published by the Food and Agriculture Organization of the United Nations (FAO) in June 2022.
The global food import bill is projected to rise by USD 51 billion from 2021, of which USD 49 billion reflects higher prices. Least Developed Countries (LDCs) are anticipated to undergo a 5-percent contraction in their food import bill this year, while sub-Saharan Africa and the group of Net Food-Importing Developing Countries are both expected to register an increase in total costs, despite a reduction in imported volumes.
Animal fats and vegetable oils are the single biggest contributor to the higher import bills that are expected in 2022, although cereals are not far behind for developed countries. Developing countries, as a whole, are reducing imports of cereals, oilseeds and meat, which reflects their incapacity to cover the increase in prices.
Issued twice a year, Food Outlook offers FAO’s reviews of market supply and demand trends for the world’s major foodstuffs, including cereals, oilcrops, sugar, meat and dairy and fish. It also looks at trends in futures markets and shipping costs for food commodities. The new edition also contains two special chapters examining the impact of rising prices on agricultural inputs, such as fuel and fertilisers, and the risks facing global food commodity markets as a result of the war in Ukraine.
Read more and download the report on FAO website