Global agribusiness imports increased by 14%

Global food sales have accelerated and are on the verge of setting a new record for volume and value. Global food imports will reach $1.75 trillion, a 14% increase over 2020, World of NAN reports, citing an FAO report.

The UN food organization attributes the rise to high food prices and a threefold increase in transportation costs. Also according to the FAO, developing countries' contribution to food imports has increased by 20 percent compared to 2020. The rapid rise in food costs creates problems for poor countries and consumers, who spend a large part of their income on these items. They face even higher costs as a result of rising costs and increased imports.

According to FAO, global production of major grains is stable, but their use for human consumption and animal feed is rising faster than previously expected. As for oilseeds and their products in the 2021/2022 season, the overall supply situation has improved. World sugar production is also expected to recover in 2021/2022 after three years of decline, but will still lag behind global consumption. Global meat production will increase in 2021, mainly due to rapid growth of production in China, especially pork, and a global increase in milk production is also possible.

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