Family Farming Knowledge Platform

Food Outlook: Biannual Report on Global Food Market

Global food trade is poised for a resilient year ahead even as international food commodity prices are set to remain high amid supply and demand uncertainties, according to a new report released today by the Food and Agricuture Organization of the United Nations (FAO).

The report notes that trade flows continued to reach new highs during the ongoing COVID-19 pandemic, the report says. In fact, on a global level, trade in agricultural products - particularly less-perishable foods - performed more robustly than the broader merchandise sectors.

That has contributed to drive FAO's provisional forecast for the world food import bill in 2021 to $1.72 trillion, a 12 percent increase from its previous high of$1.53 trillion in 2020.

However, rising prices raise concerns that higher outlays may still mask deteriorating quantitative and qualitative dietary trends in vulnerable countries.

Food Outlook, issued twice a year, offers a detailed assessment of market supply and demand trends for the world's major foodstuffs, including cereals, vegetable oils, sugar, meat and dairy and fish. It also looks at trends in futures markets and shipping costs for food commodities.

Among its findings, measured by the FAO Global Food Consumption Price Indices, is that the average worldwide consumer price of protein in May 2021 was 23 percent above its May 2020 level. Calories, in prices, meanwhile, were up 34 percent year-on-year and hit their highest level since February 2013. The difference reflects stronger price rises for wheat, coarse grains and vegetable oils compared to meats, dairy products and fish.

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Volume: 6
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ISSN: 1560-8182
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Publisher: FAO
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Organization: Food and Agriculture Organization of the United Nations FAO
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Year: 2021
ISBN: 978-92-5-134334-0
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Type: Report
Content language: English
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