Global food import bill set to rise to nearly US$2 trillion

The world food import bill is estimated to rise to US$1.94 trillion in 2022, higher than previously expected.This according to a new report released last week by United Nations’ Food and Agriculture Organisation (FAO).According to the FAO, the new forecast marks an all-time high and a 10% increase over the record level of 2021, although the pace of the increase is expected to slow down in response to higher world food prices and depreciating currencies against the United States dollar.“The bulk of the increase in the bill is accounted for by high-income countries, due mostly to higher world prices, while volumes are also expected to rise. Economically vulnerable country groups are being more affected by the higher prices.”For instance, it said the aggregate food import bill for the group of low-income countries is expected to remain almost unchanged, even though it is predicted to shrink by 10% in volume terms, pointing to a growing accessibility issue for these countries.Alarming signs“These are alarming signs from a food security perspective, indicating importers are finding it difficult to finance rising international costs, potentially heralding an end of their resilience to higher international prices,” the report from FAO’s markets and trade division warned.Namibia produces about 40% of the food it consumes and is highly dependent on imports.According to the World Food Programme, this means that while food is available, price fluctuations can make it difficult for 28% of Namibian families to access food.Earlier this year, agriculture minister Calle Schlettwein said Namibia is currently still grappling with becoming self-sufficient when it comes to food security, adding that the national import bill for some staple foods and related products ranks as high as 60% of total consumption nationally.The Food Outlook report, which breaks down food trade patterns by food groups, warns that existing differences are likely to become more pronounced, with high-income countries continuing to import across the entire spectrum of food products, while developing regions are increasingly focused on staple foods. In this context, the organisation welcomes the approval by the International Monetary Fund of a Food Shock Window - broadly based on FAO’s food import financing facility proposal - as an important step to ease the burden of soaring food import costs among lower income countries.Global expenditureThe report also assesses global expenditure on imported agricultural inputs, including fertiliser.The global input import bill is expected to rise to US$424 billion in 2022, up 48% from the year before and as much as 112% from 2020.Higher costs for imported energy and fertiliser are behind the foreseen increase. Both are particularly relevant in import bills, posing strains for the current accounts of low-income and lower middle-income countries, the report said.As a result, some countries may be forced to reduce input applications, almost inevitably resulting in lower agricultural productivity and lower domestic food availability.According to the FAO, “negative repercussions for global agricultural output and food security” are likely to extend into 2023.

Global food import bill set to rise to nearly US$2 trillion

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Namibian Sun 2026-09-16

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Global food import bill set to rise to nearly US$2 trillion

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Namibian Sun 2026-09-16

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