Aerial photo taken on July 12, 2022 shows farmers harvesting wheat in a field in Ankara, Turkey. (Photo by Mustafa Kaya/Xinhua)
GENEVA – Market conditions for major food commodities could ease somewhat in 2022-2023, due to growth predicted for cereal production, an official from the UN Food and Agriculture Organization (FAO) said Friday.
Boubaker Ben Belhassen, director of the Markets and Trade Division at the FAO, told a press briefing that according to the latest Biannual Report on Global Food Markets, basic foodstuffs could benefit from easing market conditions.
However many other factors including conflicts, bleak economic prospects, and sudden changes in trade policies are causing uncertainties in the stability of global food markets, he said.
For rice, global production should drop this year due to unfavorable weather and hikes in input prices.
However, supplies are forecast to remain abundant in 2022-2023 thanks to large stocks.
Global trade in sugar is expected to rise, due to the large quantities available compared to last year.
Meanwhile, global trade for dairy products is likely to drop in 2022 for the first time in 20 years, he said.
The FAO official told reporters that global food import bills are expected to reach new heights in 2022, rising to nearly USD2 trillion up from USD180 billion in 2021.
The bulk of the increase will be driven by the higher cost of imports.
At the same time, he said, prices for agricultural inputs are increasing in an alarming manner, with bills having risen by nearly 50 percent in 2022.
The higher prices of energy and fertilizers are the main factors influencing these increases. (Xinhua)
