All foods sold in Australia must comply with a range of laws designed to protect consumer, plant, and animal health. These laws apply equally to imported and locally produced foods. All imported food must comply with quarantine and imported food requirements, including food safety requirements. Effective February 24, 2024, packaged food imported into Australia must comply with Plain English Allergen Labeling regulations.
In 2023, U.S. exports of consumer-oriented products to Bangladesh were valued at $17.1 million, accounting for less than 1 percent of the market share of the $2 billion in consumer-oriented products Bangladesh imported. The domestic food market is competitive, with a growing food processing industry and more consumers demanding high-value and quality products. The evolving Bangladesh market presents new opportunities for U.S. exporters in the food processing, modern retail, and hospitality sectors.
Brazil consumes over 12 million tons of wheat and wheat-based products per year, which is more than the country's national production of roughly 9.5 million tons. As a result, Brazil is among the top ten importers of wheat in the world. However, the Brazilian government is committed to making the country self-sufficient in wheat production within the next decade. This should be achieved by cultivating land in the Cerrado biome, a savanna-like region in Central Brazil. The government aims to expand wheat production in almost 4 million hectares of degraded land and use adapted wheat seed varieties that are resistant to dry weather and soil conditions prevalent in the region.
Post revises down its Marketing Year (MY) 2023/24 production estimates to 150 million metric tons (MMT) due to (i) the recent floods in Brazil's southernmost state of Rio Grande do Sul and (ii) lower yields across several states. Amidst lower soybean output and solid gross crushing margins, Post reduces export estimates to 94 MMT while increases crush volumes to 55.1 MMT. Different local forecasting agencies have revised up Brazil's MY 2023/24 soybean area based on new geoprocessing data and satellite imagery. Similarly, Post revises up its current MY area estimates to 45.8 million ha. For outyear, Post revises up area and production forecasts to 46.3 million ha and 160 MMT respectively, with national yields at 3,456 kg/ha. Post also increases production of soybean meal and oil due to higher crushing, with soybean oil industrial consumption (for biodiesel) sustaining growth in MY 2023/24 and MY 2024/25.
The Dominican Republic (DR) is ranked among the top three destination markets in the Western Hemisphere and within the top 12 markets globally for U.S. consumer-oriented products. In 2023, U.S. exports of consumer-oriented products to DR topped $1 billion, 1 percent higher year-on-year primarily due to strong demand from foreign tourism and the retail sector. During the first four months of 2024, U.S. consumer-oriented exports reached over $384 million, up 1 percent relative to the same period last year. While trade in the consumer-oriented category continues to expand, the United States is on pace to continue strengthening its position as the top supplier of consumer-oriented agricultural products to the Dominican Republic, capturing over 45 percent share of the import market.
In 2023, Hong Kong was the tenth export market for U.S. pet food. Pet owners in Hong Kong value U.S. pet food for its high safety and quality and have confidence in U.S. origin and branding. From 2021-2023, U.S pet food exports to the city held steady between $32-$35 million. Hong Kong re-exported $47 million to other markets and retained $112 million for domestic consumption. Last year, Hong Kong's global pet food imports continue to recover for a second consecutive year, growing 2 percent from 2022 to $159 million. The increasing value of retained pet food imports signals promising market potential for U.S. exporters. Pet owners' interest in pet food with less common meat ingredients (rabbit), smaller and easy to carry packaging, and pet supplements is also on the rise. Hong Kong consumer spending on premium pet food is expected to continue growing steadily, and domestic sales are expected to reach $1 billion by 2028.
Following the June 2024 election of Claudia Sheinbaum as the next President of Mexico, the sitting President Andres Manuel López Obrador expressed intent to move forward with constitutional reforms in the September 2024 legislative session. The constitutional reforms include a prohibition on genetically engineered (GE) corn for human consumption and planting.
Senegal is a $3 billion dollar market for food and agricultural imports, including $1.3 billion in consumer-oriented products. The United States captures less than one percent of market share, with agricultural exports valued at 20 million dollars in 2023, including $12.3 million in consumer-oriented foods. Despite historic U.S. export underperformance in Senegal, new opportunities are appearing as Senegal's consumer demand grows, fueled by population growth, urbanization, and an expanding consumer class. Purchasing power is expected to increase, partly in response to offshore oil production which was inaugurated in June 2024.
With a gross domestic product of $536.83 billion and projected growth of 4.2 percent in 2024, the United Arab Emirates (UAE) ranks as the second largest economy in the Arab world, with substantial consumer spending driven by high per capita income. Notably, it is the second largest export market for U.S. agricultural products in the Middle East and North Africa. In 2023, U.S. exports of agricultural and agricultural related products to the UAE reached $1.33 billion, a 3.8 percent increase over 2022. More than 75 percent of the increase came in consumer-oriented goods. The UAE's efforts to diversify economically has resulted in a resilient economy, less reliance on oil revenues, and more focus on sectors like tourism, retail, and technology. As a major regional trade hub, bolstered by favorable trade agreements and modern infrastructure, the UAE has positioned itself as a leading re-export hub.
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