World food import bill falling to 5-yr low: FAO

UNITED NATIONS, May 8 (Xinhua): The international prices for agricultural commodities continued to decline in April and abundant inventories will offset any pressure from the slight reduction in global harvests expected this year, the UN Food and Agriculture Organization (FAO) said yesterday.
Worldwide cereal production will likely decline by 1.5 per cent from last year's record-breaking output, mainly due to reduced acreage planted with maize, but the impact will be cushioned by " exceptionally high" levels of existing stocks, according to the latest forecasts in FAO's biannual Food Outlook report published Thursday.
"The world food import bill is forecast to reach a five-year low in 2015," the report said, mainly driven by a decline in international prices, low freight rates and a strong U.S. dollar. Import volumes of the various food components of the bill were little changed or even rising. Low income countries are also expected to benefit from lower import bills.
FAO is a UN agency that leads international efforts to defeat hunger. Serving both developed and developing countries, FAO acts as a neutral forum where all nations meet as equals to negotiate agreements and debate policies.
The UN agency is also a source of knowledge and information, and helps developing countries and countries in transition modernize and improve agriculture, forestry and fisheries practices, ensuring good nutrition and food security for all.
FAO's Food Price Index declined 1.2 per cent in April from March, reaching 171 points, its lowest level since June 2010 and 19.2 per cent less than a year ago.
Dairy prices fell the most, but sugar, cereals and vegetable oils prices also declined. By contrast, meat values rose in April, their first increase since August 2014.