LOC21:55
18:55 GMT
ROME, Nov 11 (KUNA) -- Global food trade has accelerated and is poised to hit a record in volume and value terms, according to a new Food and Agriculture Organization of the United Nations (FAO) report.
In a statement Thursday, FAO said that it expects the global food import bill to reach an all-time high in 2021 and surpass USD 1.75 trillion, marking a 14% increase from the previous year and 12% higher than the earlier forecast in June 2021.
The increase is driven by higher price levels of internationally traded food commodities and a threefold increase in freight costs, it added.
FAO affirmed that global food trade has shown resilience to disruptions throughout the COVID-19 pandemic. Still, rapidly rising food commodities and energy prices pose significant challenges for poorer countries and consumers, who spend large shares of their incomes on these necessities.
Developing regions account for 40 percent of the total, and their aggregate food import bill is expected to rise by 20 percent compared to 2020, it added. (end)
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