June 2023 monthly update from our global network of In-Market Representatives about what's going on in markets around the world.
Food Export – Midwest and Food Export – Northeast have developed a network of 19 uniquely experienced In-Market Representatives around the globe. These local marketing experts in the food industry provide Food Export with on-the-ground assistance to implement our various programs and services.
In addition, through regular trade servicing, these local representatives report on local issues, trends, and opportunities for international buyers to connect with suppliers of U.S. agricultural and food products. Every month we share with you some of the top market insight from the trade servicing reports we receive, in order to improve your international export efforts.
Brazil: Export Surge and Inflation Subdued
In May 2023, Brazil’s total exports scaled to a remarkable $32.8 billion, a 10.4% upsurge compared to the previous year. Equally noteworthy, the nation exhibited control over inflation, with the Official inflation indicator (IPCA) reporting a 12-month total of 3.16%—its lowest since 2020. Notably, soybean oil prices plummeted by 9%, while fruits, long-life milk, and meats saw a 2-3% cost reduction, painting a promising picture for Brazil’s economic landscape.
Canada: Towards Safer and Clearer Consumer Choices
Looking ahead to 2025, Health Canada has embarked on a journey to enhance consumer awareness and safety by revamping labeling regulations for Natural Health Products. With an emphasis on lucid language and augmented information, these changes aim to empower consumers with a deeper understanding of products while fostering safer usage. These progressive measures underscore Canada’s commitment to harmonizing information, bridging the gap between consumers and the natural health products they seek.
Central America: The Surging Demand for Soups
Central America’s culinary landscape has taken a flavorful turn, with soups and their preparations witnessing an astonishing 109% surge in purchases in 2022, reaching a total value of $136 million. El Salvador leads the charge as the top importer in this savory trend, followed closely by Guatemala, Nicaragua, Honduras, Panama, and Costa Rica. This culinary inclination signifies a growing appetite for convenient and gastronomic delights across the region.
Europe: Pricing Paradigm Shift
After nearly a year of ascending consumer prices, April and May marked a transformative pivot for Europe. The continent experienced a rare decline in costs, fostering an environment primed for heightened consumer spending and increased demand. This shift is extending its ripple effect across the Atlantic, benefiting American producers and the entire distribution chain. Europe’s price trajectory demonstrates the synergy between market forces and consumer dynamics.
United Kingdom: A Sweet Challenge
The United Kingdom finds itself at the crossroads of dietary awareness as the Scientific Advisory Committee on Nutrition collaborates with the Food Standards Agency. This collaboration follows the World Health Organization’s findings on non-sugar sweeteners, stirring concerns amidst the backdrop of the UK’s recent shift towards sugar-free formulations to sidestep the sugar tax. Acesulfame K, aspartame, and other non-sugar sweeteners are under scrutiny, reflecting the delicate balance between public health and industry considerations.
From economic expansion in Brazil to culinary trends in Central America, and regulatory updates in Canada, Europe, and the United Kingdom, the global landscape is a tapestry of dynamic developments. As each region navigates its unique challenges and opportunities, the interplay of these forces shapes not only local economies but also the intricate fabric of the global marketplace.
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