Global food trade has accelerated and is poised to hit a record in both volume and value terms, a report released by the Food and Agriculture Organisation of the United Nations says.published Thursday, “Higher international prices and freight rates combine to propel the cost of importing food to USD 1.75 trillion in 2021.”
“The increase is driven by higher price levels of internationally traded food commodities and a threefold increase in freight costs. However, it said that the higher import bills are mainly on account of higher unit costs, rather than higher import volumes . “More than 70 per cent of these increases are on account of additional purchases by developing regions, which bears testimony to the need to maintain basic staple availability.
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