WORLDWIDE food import costs are expected to hit US$1.94 trillion this year, up 10 per cent year on year, says the UN, Reuters reports.
'These are alarming signs from a food security perspective,' said the UN's Food and Agriculture Organsation (FAO) in its Food Outlook report.
'Importers are finding it difficult to finance rising international costs, potentially heralding an end of their resilience to higher international prices,' the FAO said.
It noted that low-income countries' food import volumes are seen shrinking 10 per cent as their food import bill for the year remains almost unchanged, pointing to growing accessibility issues.
global import costs of fertilisers are expected to rise nearly 50 per cent this year to $424 billion, forcing some countries to buy less.
Looking to the 2022/23 season, the FAO sees wheat production jumping 0.6 per cent year on year to hit a record 784 million tonnes, mostly in China and Russia, leaving inventories down eight per cent in the rest of the world.
Production of coarse grains like corn, barley and sorghum is meanwhile seen falling 2.8 per cent in the season.
On the plus side, however, the FAO said oilseeds output is seen rebounding 4.2 per cent to hit an all-time high, sugar output is seen rising 2.6 per cent, while rice output is expected to remain at overall average levels thanks to resilient plantings in Asia and recovering output in Africa.
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'These are alarming signs from a food security perspective,' said the UN's Food and Agriculture Organsation (FAO) in its Food Outlook report.
'Importers are finding it difficult to finance rising international costs, potentially heralding an end of their resilience to higher international prices,' the FAO said.
It noted that low-income countries' food import volumes are seen shrinking 10 per cent as their food import bill for the year remains almost unchanged, pointing to growing accessibility issues.
global import costs of fertilisers are expected to rise nearly 50 per cent this year to $424 billion, forcing some countries to buy less.
Looking to the 2022/23 season, the FAO sees wheat production jumping 0.6 per cent year on year to hit a record 784 million tonnes, mostly in China and Russia, leaving inventories down eight per cent in the rest of the world.
Production of coarse grains like corn, barley and sorghum is meanwhile seen falling 2.8 per cent in the season.
On the plus side, however, the FAO said oilseeds output is seen rebounding 4.2 per cent to hit an all-time high, sugar output is seen rising 2.6 per cent, while rice output is expected to remain at overall average levels thanks to resilient plantings in Asia and recovering output in Africa.
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