Global food imports are set to hit a record $1.75 trillion in 2021. This is 14% more than in 2020 and 12% higher than the June forecast. This is stated in the report of the Food and Agriculture Organization of the United Nations (FAO). Experts attribute this growth to an increase in the cost of food products in the international market and a threefold increase in transportation costs. The report notes that developing regions account for 40% of all imports.
According to the organization's forecasts, the total cost of food imports will increase by 20% compared to last year. At the same time, in countries with low income and food shortages, the increase will be even more rapid, experts say. “Developing regions are facing steep increases in prices for basic foodstuffs such as grains, animal fats, vegetable oils and oilseeds, while in developed regions, price increases are mainly seen in high value-added product categories such as fruits and vegetables, fish products and drinks,” the report says. For more than a year, the FAO Food Price Index has been growing. In June and July of this year, for the first time in 12 months, a decrease was recorded, but in August the growth continued. Prices are formed from the ratio of supply and demand, which began to increase after declining with the onset of the pandemic. Consumption of cereals to increase The report also states that the world is expected to have a record harvest of maize and rice in ...
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