Global food trade has accelerated and is poised to hit an all-time record in both volume and value terms, according to this new report by the Food and Agriculture Organization of the United Nations (FAO). By the end of 2021, the global food import bill should extend beyond $1.75 trillion, marking a 14 per cent increase from the previous year, and 12 per cent higher than the previous forecast.  

Global food trade has accelerated and is poised to hit an all-time record in both volume and value terms, according to a new report released by the Food and Agriculture Organization of the United Nations (FAO). While global food trade has shown “remarkable resilience to disruptions throughout the COVID-19 pandemic”, rapidly rising prices of food commodities and energy pose significant challenges for poorer countries and consumers, who spend large shares of their incomes on these basic necessities, FAO says in its new Food Outlook.