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U.S. Wheat Prices to Fall in 2022, Global Supply to Remain Adequate

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U.S. Wheat Prices to Fall in 2022, Global Supply to Remain Adequate

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IndexBox has just published a new report: ‘World – Wheat – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

The average annual wheat price in the U.S. is forecast to drop by 2% y-o-y to $250 per tonne in 2022, falling on reduced domestic consumption coupled with stable supply worldwide. The market balance will be buoyed by production gains in Argentina and the EU that will offset decreasing output in Brazil and Paraguay.

Based on the World Bank’s and USDA data, IndexBox predicts that the average annual price for Hard red winter wheat in the U.S. will drop by 2% y-o-y to $250 per tonne in 2022. Reducing domestic consumption is the key reason for that decrease, as feed use of wheat is expected to fall due to relatively high prices compared to other grains. The EU and Ukraine are to follow the same trend.

The global wheat supply will remain stable in 2022, as boosting production in Argentina and the EU should compensate for the expected decreases in Brazil and Paraguay and lower Russia’s beginning stocks. Argentina’s production is to surpass a record 20.5M tonnes this year.

In 2022, projected global trade will decline to 204M due to reduced supplies from the U.S. and Russia. American wheat remains uncompetitive in foreign markets, while the Russian government imposes quotas on export volumes to ensure sufficient domestic supplies and stabilize domestic food prices. Rising supplies from the EU could only partially offset that drop in the world’s exports.

Global Wheat Exports in 2020

Global wheat exports were estimated at 199M tonnes in 2020, increasing by 13% compared with the previous year’s figure. In value terms, supplies rose markedly to $45.3B.

The shipments of the five major wheat exporters, namely Russia, the U.S., Canada, France and Ukraine, represented more than half of global supplies. Australia (10M tonnes) ranks next in terms of total exports with a 5.2% share, followed by Argentina (5.1%) and Germany (4.7%). The following exporters – Kazakhstan (5.4M tonnes), Poland (4.7M tonnes), Romania (4.3M tonnes), Lithuania (4M tonnes) and Bulgaria (3.2M tonnes) – together made up 11% of the total volume.

In value terms, Russia ($7.9B), the U.S. ($6.3B) and Canada ($6.3B) constituted the countries with the highest levels of exports in 2020, with a combined 45% share of global supplies. These countries were followed by France, Ukraine, Australia, Germany, Argentina, Kazakhstan, Poland, Romania, Lithuania and Bulgaria, which together accounted for a further 44%.

Top Largest Wheat Importers in 2020

The purchases of the twelve significant wheat importers, namely Indonesia, Turkey, Egypt, Nigeria, China, Italy, Algeria, the Philippines, Brazil, Bangladesh, Morocco and Japan, represented more than a third of the total volume. The Netherlands (4.3M tonnes) occupied a minor share of global imports.

In value terms, the largest wheat importing markets worldwide were Egypt ($2.7B), Indonesia ($2.6B) and Turkey ($2.3B), together accounting for 16% of international purchases. These countries were followed by China, Nigeria, Italy, Algeria, the Philippines, Japan, Brazil, Morocco, Bangladesh and the Netherlands, which together accounted for a further 34%.

Source: IndexBox Platform 

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U.S. Sugar Prices to Ease 4% With Government Support and Sufficient Global Supply 

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IndexBox has just published a new report: ‘U.S. – Sugar – Market Analysis, Forecast, Size, Trends and Insights‘. Here is a summary of the report’s key findings.

In 2022, sugar prices in the U.S. are forecast to drop 4% y/y with support measures from the American government and expected sufficient global supply. Last year, the average retail refined sugar price in America jumped by 8% y/y to 68.4 cents per pound.

According to USDA data, sugar prices in the U.S. rose moderately last year, although domestic production recorded growth during that period. In 2021, the average retail refined sugar price in the U.S. amounted to 68.4 cents per pound, increasing by 8% y/y. This was the highest spike in annual retail sugar prices since 2011.

American beet and cane sugar production rose by 10% y/y to 8.3M tonnes last year. Yield per harvested sugarbeet area increased by 13% y/y to 33.2 tonnes per acre. Combined with supply chain disruptions related to Hurricane Ida, rising energy and logistics costs have contributed to the sugar price growth. Imports into the U.S. amounted to 1.6M tonnes in Q1-Q3 2021, dropping by -11% compared to the same period 2020.

This year, U.S. sugar prices are forecast to ease by approx. 4% y/y due to expected stable supply in the global market and support measures provided by the American government. The U.S. Department of Agriculture announced the following actions to increase available sugar supplies to the U.S. market: increasing the Overall Allotment Quantity in 2022, transferring allocations from beet processors with surplus allocation to those with deficit allocation, and boosting raw cane sugar imports from Mexico.

U.S. Sugar Imports by Country

In 2020, the amount of sugar imported into the U.S. expanded to 2.4M tonnes, picking up by 2.4% against 2019. In value terms, supplies totaled $1.2B (IndexBox estimates).

Mexico (735K tonnes), Brazil (404K tonnes) and the Dominican Republic (212K tonnes) were the main suppliers of sugar imports to the U.S., together comprising 57% of total imports.

In 2020, supplies from Brazil grew twofold, while imports from the other countries experienced more modest paces of growth.

In value terms, Mexico ($423M) constituted the largest supplier of sugar to the U.S., comprising 34% of total imports. The second position in the ranking was occupied by Brazil ($185M), with a 15% share of total imports. It was followed by the Dominican Republic, with a 9.5% share.

The average sugar import price stood at $525 per tonne in 2020, surging by 1.6% against the previous year. Prices varied noticeably by the country of origin; the country with the highest price was Colombia ($850 per tonne), while the price for Guatemala ($422 per tonne) was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by the Philippines, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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Spanish and Brazilian Pork Suppliers Benefit from U.S.- China Trade War

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IndexBox has just published a new report: ‘China – Pork (Meat Of Swine) – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

China’s pork imports remained high in 2021, totaling $8B from January to August. Rising supplies from Spain and Brazil offset the decline in purchases from the U.S. Compared to the figures of 2020, Spain’s pork exports to China grew by 70% to 900K tonnes, while Brazil ramped up shipments by 25% to 360K tonnes. In 2022, the volume of China’s pork imports is forecast to decrease by 5% due to boosting domestic supply.

From January to August 2021, China imported 2.8M tonnes of pork worth $8B. Compared to the same period a year earlier, the volume of imports remained nearly unchanged, while in value terms, purchases grew by 3%.

Pork supplies from the U.S. dropped by 36% to 340K tonnes, while Spain and Brazil sharply boosted their exports to China. Against the same period of 2020, purchases from Spain increased by 70% to 900K tonnes or by 76% to $2.6B in value terms. Supplies from Brazil rose by 25% to 360K tonnes or by 21% to $1.2B in monetary terms.

In 2022, China’s pork imports are projected to drop by 5% to rising domestic pork production. The Chinese government is expected to support large pig farming companies to keep expanding their herds.

China’s Pork Imports in 2020

Pork imports into China soared from 2.0M tonnes in 2019 to 4.3M tonnes in 2020. In value terms, purchases skyrocketed from $4.5B to $11.9B (IndexBox estimates).

Spain (934K tonnes), the U.S. (696K tonnes), and Brazil (481K tonnes) were the leading suppliers of pork to China, with a combined 49% share of total imports.

In value terms, the largest pork suppliers to China were Spain ($2.7B), the U.S. ($1.6B) and Brazil ($1.6B), with a combined 49% share of total supplies.

In 2020, the U.S. recorded the highest shipment growth rate among the leading suppliers. Pork imports from America rose threefold in value terms.

The average pork import price amounted to $2,761 per tonne in 2020, jumping by 22% against the previous year. Average prices varied somewhat amongst the major supplying countries. In 2020, the highest prices were recorded for prices from Brazil ($3,254 per tonne) and Denmark ($3,009 per tonne), while the prices for the U.S. ($2,351 per tonne) and Canada ($2,369 per tonne) were amongst the lowest.

Source: IndexBox Platform

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Changing Consumption Patterns and Sustainability Issues Hamper EU Meat Market

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IndexBox has just published a new report: ‘EU – Meat and Poultry – Market Analysis, Forecast, Size, Trends and Insights‘. Here is a summary of the report’s key findings.

The market for meat and poultry in the EU is forecast to decrease at an average yearly rate of -0.4% in the upcoming decade. The drop in consumption is mainly driven by changes in consumer habits to diminish meat in their diet and decreased meat and poultry production to promote sustainability. Demand for beef and pork is expected to fall, while for poultry and sheep, it will increase. In these conditions, alternative proteins will not compete with animal-based meats due to their high costs. Meat and poultry exports to EU countries will decline primarily due to lower demand from Asia.

Key Trends and Insights

Based on the EU Agricultural Outlook 2021-31, IndexBox estimates that the EU meat and poultry market will stagnate in the near future. While global meat consumption is projected to grow at an average annual rate of +1.4% thanks to rising incomes in developing countries, the EU per capita meat consumption is forecast to decline slightly from 68kg in 2022 to 67.5kg per person in 2025.

Shifts in consumption patterns towards lower beef and pork intake constitute the principal factor shaping market stagnation. Even rising demand for poultry and sheep meat will be insufficient to offset that. To struggle with climate change, cattle herds are to be cut, and this could limit market growth from the supply side because the EU market is buoyed by domestic production.

Consumers are paying more attention to production process sustainability, especially animal welfare and environmental footprint; therefore, the organic meat segment is growing. As for meat substitutes, lab meat is not expected to become a competitor to animal-based meat because of low consumer acceptance and the high production cost. Plant-based meat alternatives held a market share of around 1% of total meat sales in 2020 and will not significantly expand in the next five years.

Compared with the 2019-2021 average, beef production in 2022 is forecast to decline by -1.4% to 6.8M tonnes due to herds reducing by -3.3% to 30.7M heads. Pork production will decrease by -1% to 23.5M tonnes, while chicken meat production will increase by +0.6% to 13.7M tonnes. In 2022, sheep meat production will slightly drop by -0.5% to 637K tonnes, but from 2023, it will rise steadily, reaching 648K tonnes by 2025.

By 2031, the market share for EU exports in global trade will decline from 20% to 17% due to decreasing pig meat exports to Asia as China aims to restore its domestic herds by 2026 and thus require fewer imports. In 2020, 16M tonnes of meat and poultry were exported, worth $46.4B.

Meat and Poultry Exports in the EU in 2020

The amount of meat and poultry exported in the EU totalled 16M tonnes in 2020, remaining constant against the previous year. In value terms, meat and poultry exports were estimated at $46.4B.

The most significant shipments were from the Netherlands (3M tonnes), Spain (2.6M tonnes), Germany (2.4M tonnes) and Poland (2.2M tonnes), together resulting in 63% of the total volume. It was distantly followed by Belgium (1.4M tonnes), Denmark (1.3M tonnes) and France (1M tonnes), together with generating a 22% share of total exports.

In value terms, the largest meat and poultry supplying countries in the EU were the Netherlands ($8.7B), Spain ($8B) and Germany ($7B), with a combined 51% share of total exports.

The meat and poultry export price in the EU stood at $2,839 per tonne in 2020, remaining relatively unchanged against the previous year. Average prices varied somewhat amongst the major exporting countries. Major exporters recorded the following prices: in Spain ($3,077 per tonne) and the Netherlands ($2,909 per tonne), while Poland ($2,282 per tonne) and Belgium ($2,286 per tonne) were amongst the lowest. In 2020, the Netherlands attained the most notable price growth rate, while the other leaders experienced more modest increases.

Source: IndexBox Platform 

organic farming
Archives, Global Trade Daily, Site Selection, State Spotlight

U.S. States With the Most Organic Farms

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As the force that feeds and nourishes the population, agriculture is one of the most vital industries in the U.S. economy. To accommodate the country’s growth over the years, agricultural practices have evolved to become more efficient, capable of reliably meeting the population’s daily needs. But these efficient practices also come with environmental costs, and many farmers and consumers are increasingly seeking out more sustainable alternatives.

Organic farming is an approach to agriculture that attempts to mimic nature and natural processes when raising crops and livestock. Rather than using techniques of larger-scale industrial agriculture, like genetic modifications, monoculture farming, and synthetic fertilizers and pesticides, organic farmers seek to conserve biodiversity and natural resources on their farmland.

Organic products have seen a boom in demand in recent years, and there are a number of reasons why consumers might be seeking out organic products. Organic techniques appeal to environmentalist consumers who value a more sustainable approach to agriculture that promotes biodiversity, limits pollution, and increases carbon capture. For meat and dairy consumers, livestock production on organic farms is considered to be a more ethical and humane way to raise animals because they are given more access to the outdoors, better feed, and fewer hormones and antibiotics. Health-conscious consumers can point to evidence that organic products have health benefits like greater nutrient density and lower levels of toxic metals and pesticide residue than conventional agricultural products.

Whatever the reasons, organic farming has increased substantially over the last decade or so. In 2008, the U.S. had 10,903 organic farms covering around 4 million acres of farmland. In 2019, there were nearly 16,500 organic farms on 5.5 million acres. And these farms have grown alongside consumer demand: the sales of organic products have more than tripled over the same span, rising from $3.1 billion to $9.9 billion.

Within the nearly $10 billion organic food market, milk, chicken, and eggs are the top-selling products. Organic milk leads all products with sales of more than $1.5 billion per year, while chicken sees $1.1 billion in sales annually and eggs generate $887 million. Apples are the top-selling form of organic produce, with $475 million in annual sales.

While the organic farming industry has seen tremendous growth, not all farmers are adopting organic practices. Many large-scale agricultural operations in the Midwest and South have relatively low numbers of organic farms and acreage devoted to such operations. But one location where organic agriculture has taken hold deeply is California. California is home to more than 3,000 organic farms—more than twice the next-highest state—and the total acreage of organic farms in the state totals nearly 1 million acres.

California is the nation’s top state for agricultural sales overall, so it is unsurprising that the state is also the leader in organic production. In relative terms, several other states devote a greater share of their farmland to organic farming than California, where organic farms represent only about 4% of the state’s agricultural acreage. Instead, the list of top states for organic farms on a relative basis is led by northeastern states including Maine, New York, and Vermont—the runaway leader, where organic acreage accounts for nearly 17% of its total.

The data used in this analysis is from the USDA. To identify the states with the most organic farms, researchers at Commodity.com calculated the total certified organic acres operated as a percentage of total farmland in each state. In the event of a tie, the state with the greater number of organic farms as a percentage of total farms was ranked higher. Only states with available data from the USDA were included in the analysis.

Here are the states with the most organic farms.

State Rank Organic acreage as a percentage of total Organic farms as a percentage of total Total organic acreage Total organic farms Total value of organic products sold
Vermont    1   16.92% 9.63% 203,002 655 $159,742,000
New York    2   4.68% 3.96% 323,081 1,321 $298,420,000
Maine    3   4.25% 6.00% 55,261 456 $63,820,000
California    4   3.97% 4.31% 965,257 3,012 $3,596,923,000
New Hampshire    5   2.72% 1.95% 11,708 80 $11,274,000
Wisconsin    6   1.75% 2.10% 250,940 1,364 $268,921,000
Massachusetts    7   1.63% 1.85% 8,170 133 $32,895,000
Nevada    8   1.60% 1.19% 97,868 40 $66,803,000
Idaho    9   1.57% 0.98% 180,732 240 $205,968,000
Pennsylvania    10   1.47% 1.79% 107,550 944 $741,764,000
Michigan    11   1.25% 1.15% 122,253 541 $230,955,000
Oregon    12   1.24% 1.22% 196,045 455 $454,406,000
Utah    13   0.88% 0.27% 94,591 48 $26,903,000
Maryland    14   0.86% 0.97% 17,196 120 $50,080,000
Ohio    15   0.82% 1.01% 111,920 785 $116,999,000
United States    –   0.61% 0.81% 5,495,274 16,476 $9,925,911,000

For more information, a detailed methodology, and complete results, you can find the original report on Commodity.com’s website: https://commodity.com/blog/most-organic-farms/

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Archives, Global Trade Daily, News

Global Orange Market: Supplies from Spain to Reduce 8% This Year, Export Prices Surge

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IndexBox has just published a new report: ‘Spain – Oranges – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

Throughout January-September 2021, Spain exported 1.09M tonnes of oranges, which was -8% less than in the same period last year. In value terms, the supplies abroad rose by +1% to $1.04B due to increasing prices. This year, the average export price for Spanish oranges grew steadily from $0.9 per kg in January to $1.3 per kg in September. Spain remains the leading supplier worldwide, accounting for 26% of global export volume. Germany, France and Italy are the major importers of Spanish oranges.

Spain’s Orange Exports by Country

From January to September 2021, Spain’s orange exports totaled 1.09M tonnes, reducing by -8% compared to the same period in 2020. This trend will shape a noticeable annual reduction if it persists through the year-end. In monetary terms, the supplies abroad reached $1.04B, a 1%-increase compared to the previous year’s figures. Over this year, the average export price grew from $0.9 per kg in January to $1.3 per kg in September.

In 2020, the amount of oranges exported from Spain declined to 1.6M tonnes, waning by -6.7% against 2019. In value terms, the supplies surged to $1.4B (IndexBox estimates).

Germany (448K tonnes), France (380K tonnes) and Italy (128K tonnes) were the main destinations of orange exports from Spain, with a combined 58% share of total exports. These countries were followed by the Netherlands, the UK, Poland, Belgium, Sweden, Switzerland and Portugal, which together accounted for a further 27%.

The most notable growth rate in shipments, amongst the leading countries of destination, was attained by Portugal (+11.6% y-o-y), while exports for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for orange exported from Spain were Germany ($382M), France ($360M) and Italy ($111M), with a combined 59% share of total exports. The Netherlands, the UK, Poland, Belgium, Switzerland, Sweden and Portugal lagged somewhat behind, together comprising a further 25%.

In 2020, the average orange export price amounted to $883 per tonne, increasing by 25% against the previous year. There were significant differences in the average prices for the major overseas markets. In 2020, the country with the highest price was Switzerland ($1,020 per tonne), while the average price for exports to Portugal ($586 per tonne) was amongst the lowest. Over the last year, the most notable growth rate in terms of prices was recorded for supplies to Portugal, while the prices for the other significant destinations experienced more modest paces of growth.

Source: IndexBox Platform

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U.S. Butter Prices Soar 40% y/y on Labour Shortage and Rising Packaging Costs

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IndexBox has just published a new report: ‘U.S. – Butter – Market Analysis, Forecast, Size, Trends and Insights‘. Here is a summary of the report’s key findings.

The average price for Grade AA butter in the U.S. amounted to $2.02 per pound on December 11, 2021, increasing by 40% from the same period last year. Reducing milk cow herd, labour shortage, and the rising packaging materials costs constrain production growth, leading to insufficient supply in the market that results in the butter price surge. Demand for butter typically picks in Q4, when Americans consume more holiday cookies and other traditional dishes. In December, butter prices picked up 3.7% compared to the figures a month earlier.       

According to recent USDA data, prices for Grade AA butter averaged $2.02 per pound for the week ending December 11, 2021, a 40%-increase compared to December 2020. The main reason for that spike was the insufficient supply owing to the reducing milk cow herd and the labour shortage. Over January-October 2021, total butter production reduced by 11% to 1.6M lb against the figures of the same period last year. The rising cost of packaging materials also contributes to higher butter prices. Over the past month, butter prices rose 3.7%, driven by strong seasonal demand. The current challenges are expected to persist in the following year, and butter prices will climb further.

US Butter Imports in 2020

Last year, approx. 33K tonnes of butter were imported into the U.S., waning by -23.9% against 2019. In value terms, the purchases declined to $277M (IndexBox estimates).

Ireland (25K tonnes) constituted the largest butter supplier to the U.S., accounting for a 77% share of total volume. Moreover, butter imports from Ireland exceeded the figures recorded by the second-largest supplier, New Zealand (3.1K tonnes), eightfold. The third position in this ranking was occupied by France (1.4K tonnes), with a 4.1% share.

In value terms, Ireland ($222M) constituted the largest butter supplier to the U.S., comprising 80% of total imports. The second position in the ranking was occupied by New Zealand ($19M), with a 7% share of total imports. It was followed by France, with a 4.8% share.

In 2020, the average annual growth rate of value from Ireland stood at +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-18.6% per year) and France (-8.2% per year).

Source: IndexBox Platform

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Brazilian and American Suppliers Enjoy Skyrocketed China’s Meat Imports

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IndexBox has just published a new report: ‘China – Meat – Market Analysis, Forecast, Size, Trends and Insights‘. Here is a summary of the report’s key findings.

China’s meat imports soared from $14.7B in 2019 to $23.8B in 2020. In physical terms, the purchases skyrocketed from 4.1M tonnes to 6.8M tonnes. China’s meat imports continue to grow, increasing by +3% over the first seven months of 2021 against the same period of the previous year. Brazil, Spain and the U.S. became the leading meat suppliers to China and recorded the highest export growth rate among other countries. Pork, beef and sheep meat are the main types of meat supplied into China. Last year, China’s purchases of pork spiked twofold. Imports of beef increased by +26% y-o-y, while lamb and sheep meat supplies fell by -7% y-o-y. 

China’s Meat Imports by Country

Meat imports into China soared to 6.8M tonnes in 2020, picking up by 67% from the previous year. In value terms, meat imports skyrocketed to $23.8B (IndexBox estimates) in 2020, increasing by +67.0% y-o-y.

In the first seven months of 2021, China’s meat imports continued to follow an upward trend, picking up +3% in physical terms from the same period in 2020.

Brazil (1.3M tonnes), Spain (934K tonnes), and the U.S. (724K tonnes) were the leading suppliers of meat imports to China, with a combined 44% share of total imports.

Over the past year, meat imports from the U.S. rose from 0.3M tonnes to 0.7M tonnes. Purchases from Brazil boosted from 0.6M tonnes to 1.3M tonnes, while imports from Spain grew from 0.4M tonnes to 0.9M tonnes.

In value terms, Brazil ($5.7B) constituted the largest supplier of meat to China, comprising 24% of total imports. The second position in the ranking was occupied by Spain ($2.7B), with an 11% share of total imports. It was followed by Australia, with a 9.1% share.

The average meat import price stood at $3,503 per tonne in 2020, decreasing by -2.6% against the previous year. Prices varied noticeably by the country of origin; the country with the highest price was Australia ($5,371 per tonne), while the price for imports from Canada ($2,494 per tonne) was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by Germany, while the prices for the other significant suppliers experienced more modest paces of growth.

China’s Meat Imports by Type

In 2020, pork (4.3M tonnes) constituted the most significant type of meat supplied to China, accounting for 63% of total imports. Moreover, pork imports exceeded the figures recorded for the second-largest type, beef (2.1M tonnes), twofold. The third position in this ranking was occupied by lamb and sheep meat (365K tonnes), with a 5.4% share.

In 2020, the volume of pork imports grew twofold, while beef purchases rose by +27.6% y-o-y. Imports of lamb and sheep meat dropped by -7.0% y-o-y.

In value terms, pork ($11.9B), beef ($10.2B) and lamb and sheep meat ($1.7B) appeared to be the most imported types of meat in China, together accounting for nearly 100% of total imports.

Source: IndexBox Platform

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U.S. Vegetable Imports Will Peak at 9.3M Tonnes in 2022

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IndexBox has just published a new report: ‘U.S. – Vegetable – Market Analysis, Forecast, Size, Trends and Insights.’ Here is a summary of the report’s key findings.

The volume of imports in the U.S. fresh vegetable market is forecast to increase from 8.9M tonnes in 2021 to 9.3M tonnes in 2022. In monetary terms, imports should decrease from $10.5B to $10.3B with an expected price decline. Throughout January-October 2021, American purchases totalled 6.9M tonnes, which was 5.5% more than in the same period last year. Mexico, Canada and Peru remain the key suppliers for the U.S., accounting for 95% of its total import volume. 

U.S. Vegetable Imports 

From January to October 2021, the U.S. imported 6.9M tonnes of fresh vegetables, a 5.5%-increase compared to the same period last year. According to a recent USDA forecast, American purchases are set to keep growing from approximately 8.91M tonnes by the end of this year to 9.3M tonnes in 2022. The average import prices are forecast to decrease, and the total value of supplies into the U.S. to fall by 2% y-o-y to $10.3B next year.

Last year, the amount of vegetables imported into the U.S. totaled 8.1M tonnes, growing by 2.7% compared with the year before. In value terms, vegetable imports reached $10.4B (IndexBox estimates).

In 2020, Mexico (6.1M tonnes) constituted the largest vegetable supplier to the U.S., with a 75% share of total imports. Moreover, vegetable imports from Mexico exceeded the figures recorded by the second-largest supplier, Canada (1.4M tonnes), fourfold.

Over the past year, the growth rate of volume from Mexico amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+7.0% per year) and Peru (-4.7% per year).

In value terms, Mexico ($7.3B) constituted the largest supplier of vegetables to the U.S., comprising 70% of total imports. The second position in the ranking was occupied by Canada ($1.9B), with an 18% share of total imports.

The average vegetable import price stood at $1,294 per tonne in 2020, increasing by 8.6% against the previous year. Average prices varied somewhat amongst the major supplying countries. The country with the highest price was Peru ($1,759 per tonne), while the price for Mexico ($1,206 per tonne) was amongst the lowest. The most notable rate of growth in terms of prices was attained by Mexico, while the prices for the other significant suppliers experienced more modest paces of growth.

Source: IndexBox Platform

fish
Archives, EU Trade, Global Trade Daily

European Fish Fat and Oil Exports Surge with Growing Supplies from Denmark

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IndexBox has just published a new report: ‘EU – Fish Fats And Oils – Market Analysis, Forecast, Size, Trends and Insights‘. Here is a summary of the report’s key findings.

European fish fat and oil exports increased by +23% y-o-y to $541M in 2020. In physical terms, exports rose +12% y-o-y to 251K tonnes. Denmark remains the most significant European fish fat supplier, accounting for 60% of total export volume in the EU, followed by France and the Netherlands. All these countries increased their export value last year. The average fish fat and oil export price in the EU spiked by +10% y-o-y to $2,155 per tonne in 2020.

European Fish Fat and Oil Exports

Fish fat and oil exports expanded remarkably to 251K tonnes in 2020, picking up by +12% compared with the previous year’s figure. In value terms, fish fat and oil exports skyrocketed by +23.4% y-o-y to $541M (IndexBox estimates) in 2020.

In 2020, Denmark (150K tonnes) represented the largest exporter of fish fats and oils, constituting 60% of total exports. France (26K tonnes) held an 11% share (based on tonnes) of total exports, which put it in second place, followed by the Netherlands (8.6%), Germany (6.3%) and Spain (4.7%). The following exporters – Latvia (8.4K tonnes) and Poland (6.4K tonnes) – each accounted for a 5.9% share of total exports.

In value terms, Denmark ($297M) remains the most prominent fish fat and oil supplier in the EU, comprising 55% of total exports. The second position in the ranking was occupied by the Netherlands ($69M), with a 13% share, followed by France, with a 10% share.

In Denmark, fish fat and oil exports increased by +21.8% y-o-y in 2020. Exports from the Netherlands jumped by +64.0% y-o-y, while France recorded a +12.7%-increase in exports.

In 2020, the average export price for fish fat and oil in the EU grew by 10% y-o-y to $2,155 per tonne. Prices varied noticeably by the country of origin; the country with the highest price was the Netherlands ($3,194 per tonne), while Latvia ($1,057 per tonne) was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by Denmark, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform