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World meals import prices to surge 12% to document this yr -FAO By Reuters

Japan Finance Minister does not expect G7 meet to debate specific tax rates By Reuters

© Reuters. FILE PHOTO: Meals is displayed at a grocery store of Swiss retailer Denner, because the unfold of the coronavirus illness (COVID-19) continues, in Glattbrugg, Switzerland June 26, 2020. REUTERS/Arnd Wiegmann

PARIS (Reuters) – World meals import prices are anticipated to rise 12% in 2021 to a document on account of surging commodity costs and sturdy demand in the course of the COVID-19 disaster, the United Nations meals company stated.

The world’s meals import invoice, together with transport prices, is projected to succeed in $1.715 trillion this yr, from $1.530 trillion in 2020, the Meals and Agriculture Group (FAO) stated in its twice-yearly Meals Outlook report on Thursday.

Development in agricultural commerce in the course of the pandemic confirmed the inelastic nature of meals consumption and the resilience of worldwide markets, however worth rises since late 2020 had been elevating dangers for poorer import-reliant international locations, the FAO stated.

Its month-to-month meals worth index hit a 10-year excessive in Could, reflecting sharp features for cereals, vegetable oils and sugar.

The FAO stated a separate index of meals import values, together with freight prices which have additionally soared, reached a document in March this yr, surpassing ranges seen throughout earlier meals worth spikes in 2006-2008 and 2010-2012.

A robust quantity improve for staple meals imports final yr had already pushed up international import prices 3% to a document.

Exceptions had been drinks and fish merchandise which are extra delicate to financial circumstances and which noticed demand curbed by provide chain difficulties, the FAO stated.

China’s imports have been a driver of agricultural demand and costs prior to now yr, partly reflecting Beijing’s efforts to rebuild its pig business after a illness outbreak.

Chinese language maize (corn) imports within the upcoming 2021/22 season had been anticipated to rise to 24 million tonnes, protecting China because the world’s high importer after its maize imports are anticipated to quadruple to 22 million tonnes in 2020/21, the FAO forecast.

A restoration in Chinese language pork output was anticipated to scale back international commerce, offsetting progress in beef and poultry flows to depart total meat commerce secure this yr, the FAO stated.

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