Global food import bill to rise to over $2T in 2024, says UN report

By Emir Yildirim

ISTANBUL (AA) - The global food import bill is estimated to increase 2.2% year-on-year to over $2 trillion in 2024, according to the Food Outlook report by the UN Food and Agriculture Organization (FAO) on Thursday.

The higher costs of cocoa, coffee, tea, fruits, and vegetables were cited for the forecast rise in food import expenditures worldwide.

The organization said that a 22.9% increase is estimated in cocoa, coffee, and tea import expenditures, mostly derived from unfavorable weather conditions and problems related to logistics.

Cocoa prices almost quadrupled, coffee prices multiplied nearly twofold this year, and tea soared 15% above its regular price, according to FAO.

It noted that countries such as Burundi, Ethiopia, Sri Lanka, and the Ivory Coast depend on the exports of these commodities for their economies.

“High-income countries account for two-thirds of the global food import bill and will face a 4.4% increase in 2024, while the bills for upper-middle-income, lower-middle-income and low-income countries are likely to contract,” the report said.

Unfavorable weather events and fueling geopolitical tensions, and policy changes plague the safety of global food security, according to the FAO.

While wheat and coarse grain output is estimated to fall, rice is forecast to see an all-time-high harvest.

At the same time, the output of fisheries worldwide is anticipated to rise 2.2% due to aquaculture.