Global food imports will reach $1.98 trillion in 2023, up 1.5% from the record high of 2022. This forecast was made by the chief economist of the Food and Agriculture Organisation of the United Nations (FAO), Maximo Torero, in an interview with Ukrinform.
“According to forecasts, in 2023, world food imports will reach $1.98 trillion, which is 1.5% or $28.9 billion more than the record figure of 2022, which was estimated at $1.95 trillion. Despite reaching a new absolute maximum, the growth rate is expected to slow down significantly compared to 2022 and 2021, when growth reached 11% and 18%, respectively,” Torero said.
In his opinion, high-income countries will be able to offset rising food costs, while upper-middle and low-income countries will focus on supplying staple foods, reducing the quantity and quality of their food imports.
“Developing countries that are net food importers are the most vulnerable to rising global food prices. Among them are sub-Saharan countries that are already facing serious food insecurity and even famine and are at the greatest risk of further deterioration,” Torero said.
According to him, in addition to difficult economic conditions, most of these countries also suffer from conflicts.
“As noted in the latest joint FAO Hunger Hotspots report, published in June, the countries with a catastrophic situation include Ethiopia, Nigeria, Somalia and South Sudan. This group also includes Afghanistan and Yemen,” Torero said.
Global demand for wheat may increase by 11% over the next decade. This was stated in the forecast of the Food and Agriculture Organization (FAO) Agricultural Outlook 2022-203.