FAO: World food import bill to hit record in 2023

FAO estimates that global food import bill will be US$2 trillion in 2023, up about US$35.3 billion or 1.8% from 2022.

Released every two years, the document provides "updated forecasts for the production, trade, use and stocks of essential food products," the organization noted.

"The outlook for most staple food production is good, but extreme weather events, rising geopolitical tensions and sudden policy changes pose risks to global production systems and could upset the delicate balance of supply and demand and worsen prospects for trade and global food security," FAO said in a release. about the publication of the report.

Trade in coarse grains and rice is expected to decline in 2023/24, although global maize production is forecast to rise significantly due to increased plantings in Brazil and the United States. Global trade in vegetable oils and fats is also projected to decline slightly, while global production and consumption are expected to increase. Trade in sugar, dairy products, meat and fish will also decline next year, according to FAO estimates.

In low-income countries, an 11 percent reduction in total food import costs is expected. The increase in total import costs comes from fruits and vegetables, as well as beverages and sugar, with the lion's share coming from high- and upper-middle-income countries.