World Food-Import Bill to Drop to Five-Year Low in Boon to Homes
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A glut of commodities from butter to wheat and an economic slowdown for importers including China will reduce global costs of importing food by 19 percent to a five-year low, the United Nations forecast.
The world food-import bill may fall by $261 billion to $1.09 trillion, the UN’s Food & Agriculture Organization wrote in a report on Thursday. The cost of importing food was a record $1.35 trillion in 2014, according to the FAO.