June 16, 2022 | Colin O. Jarrett | The global food import bill is on course to hit a new record of 1.8 trillion US dollars this year. But higher prices and transport costs rather than volumes account for the bulk of the expected increase.
A new report released on the weekend by the Food and Agriculture Organization of the United Nations, FAO says worryingly, many vulnerable countries are paying more but receiving less food.
The global food import bill is projected to rise by 51 billion US dollars from 2021, of which 49 billion reflects higher prices.
FAO has proposed a Food Import Financing Facility to provide balance of payment support to the low-income countries most reliant on food imports as a strategy to safeguard their food security.
Spiralling costs of farm inputs such as fertiliser could deter farmers from expanding production and worsen food security in poorer countries, the United Nations’ food agency says, adding that high prices are expected to push up the global food import bill in 2022 pic.twitter.com/fORH3qjynf
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