World Food-Import Bill to Drop Below $1 Trillion to 7-Year Low
- Import-bill seen below $1 trillion for first time since 2009
- Grains, livestock costs to decrease the most, UN’s FAO says
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The world’s food-import bill is set to tumble to a seven-year low in 2016 as a decline in grain prices and lower freight rates more than compensate for increased imports, according to the United Nations.
Countries around the globe will probably spend $986 million importing food this year, the first drop below $1 trillion since 2009, the UN’s Food & Agriculture Organization said in a report on its website Thursday. That’s 8.9 percent less than last year.