The demand for growth in cereals production is projected to slow, in part as per capita food consumption of most cereals is reaching saturation levels in many countries. The region’s agricultural sector may play a key stabilizing role allowing it to expand production to normalize high price cycles. North America is projected to remain the second largest exporter of agricultural commodities to world markets over the next 10 years, but strong domestic consumption growth is expected to slightly curb its net export position. In Latin America, the agricultural trade surplus is expected to expand by 17 percent, raising the exported share of agricultural production to 40 percent by 2032. Sub-Saharan Africa’s trade deficit in major food items is projected to almost double by 2032, largely reflecting rapid population growth compared to other regions. The OECD-FAO Agricultural Outlook 2023-2032, which is the key global reference for medium-term prospects for agricultural commodity markets, said Maize, wheat and soybeans contributed the most to the overall agricultural trade growth in the past decade however, they are projected to experience the biggest drop in trade growth over the next 10 years.Īfter becoming a net importer of agricultural commodities in recent years, South and Southeast Asia’s net imports are projected to increase further, driven mainly by continuing strong demand growth within the subregion. PARIS, 9th July, 2023 (WAM) – Global trade in agricultural commodities is projected to expand by 1.3 percent annually - half the pace recorded in the past decade - due mostly to slower growth in demand by middle-income countries, according to a report released by the Food and Agriculture Organization of the United Nations (FAO) and the Organisation for Economic Co-operation and Development (OECD).
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