World Food Import Bill to reach "all-time high" of $1.9 trln, FAO says

World Food Import Bill to reach "all-time high" of $1.9 trln, FAO says
# 12 November 2022 15:06 (UTC +04:00)

The United Nations Food and Agriculture Organization (FAO) expects the global food import bill to jump to a record $1.9 trillion, which is a 10 percent increase on last year's high. The institution warned that the results of its analysis are "alarming signs from a food security perspective", APA reports citing Sputnik.

“The bulk of the increase in the [global food import] bill is accounted for by high-income countries, mostly because of higher world prices, and volumes are expected to rise,” says the FAO report, published on Friday.

The organization expects poorer regions to become increasingly vulnerable. According to forecasts, sub-Saharan Africa, which is facing food shortages because of challenges wrought by climate change, is going to spend $4.8Bln more on food imports despite import volume decreases.

“For instance, the aggregate food import bill for the group of low-income countries is expected to remain almost unchanged even though it is predicted to shrink by 10 percent in volume terms, pointing to a growing accessibility issue for these countries,” the FAO noted.

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