U.S. Canned Vegetable Imports to Surpass Previous Year’s Record of $1.5B

March 14th, 2022 IndexBox Leave a comment

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

In Q1-Q3 2021, the U.S. imported 576K tonnes of canned vegetables worth $1.3B, which was 23% more in physical terms and 17% more in monetary terms than in 2020. Over the full 2021, U.S. imports are estimated to hit the previous year’s record of $1.5B. China, Canada and Peru remain the leading suppliers of canned vegetables to America.

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U.S. Canned Vegetable Imports by Country

Canned vegetable imports into the U.S. were estimated at 704K tonnes in 2020, increasing 14% against 2019 figures. In value terms, purchases amounted to $1.5B (IndexBox estimates).

China (165K tonnes) constituted the largest canned vegetable supplier to the U.S., accounting for 23% of total imports. Moreover, canned vegetable supplies from China exceeded the figures recorded by the second-largest supplier, Canada (82K tonnes), twofold. The third position in this ranking was occupied by Peru (73K tonnes), with a 10% share.

In value terms, Spain ($204M), China ($192M) and Canada ($183M) were the largest canned vegetable suppliers to the U.S., with a combined 37% share of total imports.

In 2020, the average canned vegetable import price amounted to $2,192 per tonne, declining by -4.9% against the previous year. Prices varied noticeably by the country of origin; the country with the highest price was Greece ($4,441 per tonne), while the price for China ($1,162 per tonne) was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by Thailand, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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Surge in Production Costs May Put Pressure on U.S. Food Industry

February 23rd, 2022 Sharon Benfer Leave a comment

The food and beverage industry has many growth drivers but also some constraints. As a non-cyclical industry, there is a constant demand for food, which helps drive some growth in the industry. Profit margins in food production and processing, however, are becoming thinner and are facing some pressure due to the highly competitive nature of this industry. Companies are facing higher commodity price volatility, disease outbreaks and weather events, which may well affect profitability and growth.

While the U.S. food and beverage industry has fared well in comparison to worldwide industry performance during the pandemic, and insolvencies have been lower than expected, due to a surge in U.S. food production costs, companies are seeing tighter margins even as higher prices are being passed on to consumers. The U.S. food and beverage output is still forecast to grow by 1% in 2022 – much less growth than seen in the past several years, however.

The recent wave of the Omicron variant felt around the globe may affect plans for a smooth path in 2022. Many businesses, specifically those in hospitality and food service subsectors, are still struggling to absorb the shocks from the beginning of the pandemic, according to a recent food industry trends report from Atradius. The absence of tourism and travel at the height of the pandemic and new variants of COVID-19, are cause for a slow rebound to the economic recovery in that subsector.

The U.S. is currently seeing the highest food price inflation since 2008 and food prices are expected to continue to rise in 2022, at least until the supply chain issues are resolved. As government subsidies disappear, pressures will mount for the U.S. consumer.

Subsectors

-Beverages: A more positive prognosis this year, with solid growth and sufficient liquidity. Beverages have seen much innovation and product development, adding to its positive performance.

-Meat and Dairy: Remains neutral as higher operating and production costs remain high and impact profit margins.

-Food Services: This sector will be the slowest to rebound from the effects of the pandemic and is much more susceptible to future Covid-19 variants.

Trends for 2022

Food will always be a necessity and consumers enjoy cooking at home, as well as dining at restaurants. Demand will always be high in the food industry, however, it is also highly competitive. Healthy and innovative products are key for food companies and restaurants to remain competitive in this landscape.

During the pandemic, food delivery skyrocketed, and this trend will persist in 2022. Options for plant-based and health-focused alternatives continue to increase as consumers demand more choices in this area. Raw material costs and lack of skilled employees will continue to be an issue for the sector in the coming year.

The credit risk assessment remains fair over the next 12 months (for nonpayment and insolvencies). Businesses that are able to effectively pass on price increases while maintaining enough labor and production capacity to meet ongoing demand will find themselves better situated in the coming months.

Sharon Benfer is a Senior Risk Underwriter at Atradius

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Global Mandarin Market: Turkey and China Strengthen Positions in Global Exports

February 20th, 2022 IndexBox Leave a comment

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

Turkey and China, the leading exporters in the global mandarin market, are to sharply ramp up supplies abroad with rapidly expanding production in 2022. This year, outputs in Turkey and China are forecast to grow by 9% y/y to 1.8M tonnes and by 12% y/y to 28M tonnes, respectively, due to favourable weather and larger harvested areas.

Global mandarin and clementine production is forecast to rise by 2.8% y/y to 39M tonnes, thanks primarily to expected favourable weather and higher area and yields in China, Turkey, Morocco. Exports from these countries are projected to accelerate, driven by sharping demand from the EU and the U.S., where production is set to drop with unfavourable weather.

Turkey, one of the leading mandarin exporters worldwide, is to expand its supplies abroad by 11% y/y to 1M tonnes this year, while China’s exports are to increase by 5% y/y to over 900K tonnes. In 2022, mandarin production in Turkey and China is forecast to grow by 9% y/y to 1.8M tonnes and by 12% y/y to 28M tonnes, respectively. Exports from Morocco are to pick up 8% y/y to 500K tonnes, with Russia comprising over 30% of the total shipments and thus remaining the leading buyer for Moroccan mandarins.

Global Mandarin Exports by Country

In 2020, the volume of tangerines, mandarins, clementines, satsumas exported worldwide amounted to 5.5M tonnes, increasing by 4.8% against 2019. In value terms, mandarin and clementine exports soared to $5.8B (IndexBox estimates).

Spain (1.3M tonnes), distantly followed by Turkey (872K tonnes), China (714K tonnes), Pakistan (463K tonnes), Morocco (450K tonnes) and South Africa (389K tonnes) were the largest exporters of tangerines, mandarins, clementines, satsumas, together making up 77% of total supplies. Peru (215K tonnes), Chile (182K tonnes), Israel (124K tonnes), Greece (117K tonnes) and the Netherlands (103K tonnes) took a relatively small share of total exports.

In value terms, Spain ($1.6B), China ($1.2B) and Turkey ($444M) comprised 56% of global supplies. Morocco, South Africa, Peru, Chile, Pakistan, the Netherlands, Israel and Greece lagged somewhat behind, together accounting for a further 32%.

Source: IndexBox Platform

Archives, Global Trade Daily, Imports/Exports

Lower Supply in South America to Raise Soybean Price Forecast in 2022

February 16th, 2022 IndexBox Leave a comment

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

In 2021, the average annual soybean price soared by 43% y/y to $583 per tonne. This year, soybean prices were expected to remain relatively stable, but shortages in supply are likely to spur their growth.

Soybean prices are challenged with supply risks. According to World Bank and USDA data, the average annual soybean price (U.S Gulf Yellow Soybean #2, CIF Rotterdam) amounted to $583 per tonne in 2021, increasing by 43% compared to the previous year’s figure. Despite World Bank predicts the price to pick up 1% y/y to $588 per tonne this year, lower stocks due to poor weather in Brazil, Argentina and other countries may drive price growth.

Global soybean production is expected to reduce slightly by 0.6% y/y to 364M tonnes in 2022 due to expected lower outputs in Brazil, Argentina, Paraguay, China, Canada, Indonesia, Viet Nam and South Africa. Anticipated production increases in the U.S., the EU, Uruguay, India, Russia, Ukraine, and Mexico will not fully offset the drops in other countries.

Despite the harvested area in Brazil, the leading soybean producing country, expanded by 4% over the last year, drought reduced yields sharply. Brazil’s soybean production is expected to fall by 3% y/y to 134M tonnes.

Global Soybean Exports

In 2020, global soya bean exports rose significantly to 173M tonnes, picking up by 11% against 2019. In value terms, supplies soared to $64.1B (IndexBox estimates).

Brazil (83M tonnes) and the U.S. (65M tonnes) dominates the soya bean exports structure, together making up 85% of total exports. Paraguay (6.6M tonnes), Argentina (6.4M tonnes), and Canada (4.4M tonnes) followed a long way behind the leaders.

In value terms, the largest soya bean supplying countries worldwide were Brazil ($28.6B), the U.S. ($25.9B) and Argentina ($2.2B), with a combined 88% share of global exports.

In terms of the main exporting countries, the U.S. (+38% y/y) recorded the highest growth rate concerning the value of exports in 2020, while shipments for the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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EU Dairy Market Forecast: Cheese Prices to Rise Sharply, Butter and Fluid Milk to Keep Calm

February 12th, 2022 IndexBox Leave a comment

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

EU cheese prices are expected to rise with the boosting export demand, while fluid milk and butter prices will keep relatively stable. The EU dairy market is forecast to grow only moderately, having raw milk availability restrained by sustainability objectives. Despite that, the EU is to remain the largest dairy exporter worldwide.

Key Trends and Insights

This year, EU dairy prices are forecast to increase, driven by high demand against limited supply. The average cheese price will post the most noticeable gains, rising to $3.23 (+5.1% compared to the three-year average 2019-2021), while milk will be up to $0.346 per kg (only a +0.6% increase). By 2025, cheese could reach $3.30 per kg, and milk will cost $0.361 per kg. Butter price will remain stable near $2.2 per kg throughout the next five years.

According to the EU Agricultural Outlook 2021-31, in the next decade, the growth of EU milk production will slow down to +0.5% per year due to a decline in herds driven by sustainability objectives. In 2022, dairy cow milk production should increase by 1.4% compared to the three-year average 2019-2021 and total 156M tonnes; then, it should reach 158M tonnes by 2025. The number of dairy cows is expected to decrease from 20.0M heads in 2022 to 19.6M in 2025.

This year, cream production is projected to rise to 2.5M tonnes (+1.4% compared to the three-year average 2019-2021), while by 2025, it will reach 2.6M tonnes. Yoghurt and butter production will not see significant changes, remaining at 7.8M tonnes and 2.4M tonnes, respectively.

In 2022, cheese production will expand to 10.9M tonnes (+1.8%) and reach 11.1M tonnes by 2025. Thanks to the rising demand in Asia, foreign trade in cheese will see gains, while the domestic market will expand only moderately since cheese is a long-known product with established consumption patterns. The EU is expected to keep its position as the largest exporter of dairy products, outstepping New Zealand and the U.S. in shipment volumes. Currently, the largest European suppliers of dairy products are Germany (23%), the Netherlands (12%) and France (11%).

Dairy Produce Exports in the EU

In 2020, the amount of dairy produce exported in the EU declined to 19M tonnes, stabilizing from the previous year. In value terms, dairy exports amounted to $43.4B.

In 2020, Germany (4.6M tonnes), distantly followed by the Netherlands (2.3M tonnes), France (2.1M tonnes), Belgium (1.5M tonnes), Poland (1.3M tonnes), the Czech Republic (1.1M tonnes), Ireland (1M tonnes) and Austria (0.9M tonnes) were the largest exporters of dairy produce, together constituting 76% of total exports. Denmark (765K tonnes), Italy (540K tonnes), Latvia (407K tonnes), Spain (379K tonnes), and Luxembourg (366K tonnes) occupied a relatively small share of total volume.

In value terms, Germany ($8.7B), the Netherlands ($7.5B) and France ($5.7B) constituted the countries with the highest levels of exports in 2020, with a combined 50% share of total supplies. Italy, Ireland, Belgium, Denmark, Poland, Austria, Spain, the Czech Republic, Luxembourg and Latvia lagged somewhat behind, together accounting for a further 41%.

In 2020, the average dairy produce export price in the EU amounted to $2,238 per tonne, rising by 2.1% against the previous year. Prices varied noticeably by the country of origin; the country with the highest price was Italy, while Latvia was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by the Netherlands, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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

February 11th, 2022 IndexBox Leave a comment

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

January 8th, 2022 IndexBox Leave a comment

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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Brazilian and American Suppliers Enjoy Skyrocketed China’s Meat Imports

January 2nd, 2022 IndexBox Leave a comment

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

December 31st, 2021 IndexBox Leave a comment

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

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Growing Demand from China and Russia Drives Netherlands’ Baby Food Exports

December 26th, 2021 IndexBox Leave a comment

IndexBox has just published a new report: ‘Netherlands – Food Preparations For Infants – Market Analysis, Forecast, Size, Trends And Insights’. Here is a summary of the report’s key findings.

Last year, baby food exports from the Netherlands grew by +5.7% y-o-y in physical terms, driven primarily by rising demand from China and Russia. In 2020, the Netherlands supplied abroad 237K tonnes of baby food worth $2.7B. China and Russia constitute the largest importers, accounting for 54% of the total export volume.

Baby Food Exports from the Netherlands

In 2020, the amount of food preparations for infants exported from the Netherlands rose remarkably to 237K tonnes, with an increase of +5.7% compared with the year before. In value terms, baby food exports rose by +7.8% y-o-y to $2.7B (IndexBox estimates) in 2020.

China (129K tonnes) was the leading destination for baby food exports from the Netherlands, accounting for 54% of total exports. Moreover, baby food exports to China exceeded the volume sent to the second major destination, Hong Kong SAR (15K tonnes), eightfold. Russia (11K tonnes) occupied the third position in this ranking, with a 4.5% share.

In value terms, China ($1.7B) remains the key foreign market for baby food exports from the Netherlands, comprising 64% of total exports. Hong Kong SAR ($277M) occupied the second position in the ranking, with a 10% share of total exports, followed by Russia, with a 2.7% share.

In 2020, the value of supplies to China and Russia increased by +19.2% y-o-y and +4.1% y-o-y, respectively. By contrast, exports to Hong Kong SAR dropped by -32.3% y-o-y.

The average baby food export price stood at $11,318 per tonne in 2020, surging by +2% against the previous year. Prices varied noticeably by the country of destination; the country with the highest price was Hong Kong SAR, while the average price for exports to Greece was amongst the lowest. In 2020, the most notable growth rate in terms of prices was recorded for supplies to Poland, while the prices for the other significant destinations experienced more modest paces of growth.

Source: IndexBox Platform

U.S. Canned Vegetable Imports to Surpass Previous Year’s Record of $1.5B

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