Page 147 - Food Outlook

Import bills of total food and major foodstuffs (USD billion)
World
Developed
Developing
LDC
LIFDC
Sub-Saharan Africa
2016
2017
f’cast
2016
2017
f’cast
2016
2017
f’cast
2016
2017
f’cast
2016
2017
f’cast
2016
2017
f’cast
TOTAL FOOD
1 326.7
1 412.7
802.6
830.5
524.1
582.2
38.3
42.0
75.2
84.3
42.6
45.9
Vegetables and Fruits
244.7
246.8
172.9
175.0
71.8
71.8
3.6
3.4
12.3
12.1
3.2
3.2
Cereals
154.2
179.7
69.5
81.9
84.7
97.8
10.3
11.6
15.4
17.1
12.0
13.0
Fish
130.0
140.4
93.4
100.8
36.7
39.6
1.2
1.3
3.3
3.6
4.2
4.6
Meat
143.9
176.1
93.1
114.0
50.7
62.1
2.4
3.0
1.8
2.2
3.4
4.1
Dairy
74.5
112.4
45.8
69.2
28.6
43.1
1.9
2.9
2.5
3.8
1.9
2.9
Vegetable Oils and Animal Fats
94.5
119.3
41.4
51.6
53.2
67.7
7.0
9.0
20.3
25.7
4.7
6.2
Oilseeds
78.2
96.7
22.9
27.3
55.3
69.4
0.7
0.8
1.9
2.4
0.6
0.9
Sugar
48.9
49.9
23.2
25.1
25.7
24.9
4.2
4.1
6.0
6.4
3.8
4.1
Tropical beverages
103.0
109.7
78.3
83.3
24.7
26.3
1.5
1.6
3.5
3.8
1.5
1.6
Exchange rates and food prices
2002-2004=100
January 1980=100
110 105 100
95
Oct
Jan
Apr
Jul
Oct
2016
Jan
Apr
Jul Oct
2017
190
170
150
130
USD slides as food prices climb (Oct 2016 - Oct 2017)
% changes in the currencies of selected LIFDCs against the USD (Oct 2016 - Oct 2017)
Uzbekistan Egypt Congo DR Ethiopia Ghana Tunisia Sudan Sri Lanka Bangladesh Honduras Dominican Rep. Tanzania Kenya Nigeria Pakistan Yemen Venezuela Zimbabwe Jordan Angola El Salvador India Morocco Peru W. Afr. Franc
-180 -160 -140 -120 -100 -80 -60 -40 -20 0 20
percent
2015
Price-adjusted major currencies dollar index (left axis)
FAO Food Price Index (right axis)
Source: US Federal Reserve, FAO
Source: US Federal Reserve
After reaching a 15-year high at the end of 2016, the US dollar has fallen considerably relative to major currencies, with the inflation-adjusted index dipping below 100 points in September and October 2017 for the first time in 34 months . While providing respite to the cost of importing, as most international transactions are priced in USD, numerous major food importing LIFDCs (those buying more than USD 1 billion worth of food annually from international markets), howev- er, have seen their currency slide against the US dollar. Many of them, especially those situated in Africa, have experienced depreciation exceeding double-digit levels in percentage terms.
FOOD OUTLOOK NOVEMBER 2017
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Market indicators