The global food trade should hit an all-time record high in both volume and value terms, the UN Correspondent of the News Agency of Nigeria (NAN) reports, quoting a new report, released on Thursday, by the UN Food and Agriculture Organisation (FAO).
By the end of 2021, the global food import bill should extend beyond $1.75 trillion dollars, marking a 14 per cent increase from 2020, and 12 per cent higher than the previous forecast.
According to FAO’s new Food Outlook, trade in foodstuffs had shown “remarkable resilience” to disruptions throughout the pandemic, but rapidly rising prices, posed significant challenges for poorer countries and consumers.
The increase is driven by higher price levels of internationally traded food commodities and a threefold increase in freight costs.
Source- Premium times