Global food trade is poised for a resilient year ahead even as international food commodity prices are set to remain high amid supply and demand uncertainties, according to a new report released today by the Food and Agriculture Organization of the United Nations (FAO).
The study notes that trade flows continued to reach new highs during the ongoing COVID-19 pandemic. In fact, on a global level, trade in agricultural products – particularly less-perishable foods – performed more robustly than the broader merchandise sectors.
That has contributed to drive FAO’s provisional forecast for the world food import bill in 2021 to $1.72trn, a 12% increase from its previous high of $1.53trn in 2020.
However, rising prices raise concerns that higher outlays may still mask deteriorating quantitative and qualitative dietary trends in vulnerable countries.
Download the full report on the FAO website: http://www.fao.org/documents/card/en/c/cb4479en