Food import costs in the world will reach a record in 2023 – FAO

The cost of food imports in the world will reach a record level in 2023, with the most vulnerable countries experiencing a drop in imports, according to the Food Outlook report by the Food and Agriculture Organization of the United Nations (FAO).

According to FAO estimates, global food import expenditures in 2023 will amount to USD 2 trillion, which is about USD 35.3 billion, or 1.8% higher than in 2022.

The biennial document contains “updated projections of production, trade, use and stocks of major foods,” the organization said.

“The production outlook for most staple foods is favorable, but extreme weather events, rising geopolitical tensions and sudden policy changes pose risks to global production systems and could disrupt the delicate balance of supply and demand and worsen the outlook for trade and global food security,” FAO said in a statement.

Trade in coarse grains and rice is expected to decline in 2023/24, despite the fact that global corn production is projected to increase significantly due to increased plantings in Brazil and the United States. World trade in oils and fats is also projected to decline slightly, while world production and consumption are expected to increase. Next year, trade in sugar, dairy products, meat, and fish will also decline, according to FAO estimates.

Low-income countries are expected to see an 11 percent reduction in total food import expenditures. The increase in total import expenditures is accounted for by fruits and vegetables, as well as beverages and sugar, and the lion’s share belongs to high-income and upper-middle-income countries.

Tags: edible oils, FAO, vegetables, fruits, corn, grain, rice, sugar, Meat, oilseeds