World Ag Productivity Falling Short and Americans and Record Food Spending
From Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**The Global Agricultural Productivity Report says the world’s agricultural productivity is consistently falling short of the target growth rate.
Since 2011, productivity isn’t growing fast enough to hit the target growth rate required to sustainably meet global needs for agricultural outputs by 2050.
The report says total factor productivity growth continues to be strong in China and South Asia.
However, Sub-Saharan Africa and the U.S. show especially low TFP growth.
**August exports of U.S. pork were steady year-over-year, led by another tremendous performance in Mexico, according to data released by USDA and compiled by the U.S. Meat Export Federation.
Shipments totaled 226,519 metric tons in August, while export value fell 1.5% to just under $650 million.
Exports to leading market Mexico remained on a record pace and set a value record in August at $211.7 million.
**Americans spent a record amount on food last year, even with inflation considered, partly for the convenience of take-out and restaurant food, said two USDA economists.
www.agriculture.com reports spending on food away from home grew by an inflation-adjusted 11% last year.
Eliana Zeballos and Wilson Sinclair, of the Economic Research Service, say consumers spent 53.9 cents of their food dollars on food away from home in 2022, the largest share since USDA began tracking expenditures.
www.agriculture.com/inflation-aside-americans-spend-more-for-food-8303357
