The total value of U.S. agricultural exports to Honduras in 2023 reached $1.3 billion, with a 39 percent (%) market share, and a 4 % decrease from the previous year. Bulk products decreased by $53 million while intermediate products increased by $23 million. The most significant value contributors were corn, soybean meal, and wheat.
Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) proposed 29 new geographical indications (GI) for UK food products, including lamb, beef, ham, sausage, cheese, seafood, vegetables, and fruit. MAFF will accept public comments on the GI proposal by September 17, 2024.
Mexico was the second largest export market for U.S. agricultural products in 2023, with total U.S. exports valued at $28.6 billion. Mexico's gross domestic product (GDP) grew by 3.2 percent in 2023, making its economy the 12th largest globally. According to the Government of Mexico (GOM), 37 percent of Mexico's population is middle class, with an aspirational consumer base keen to tap into new food trends. Mexico's hotel, restaurant and institutional (HRI) sectors remains strong, particularly as Mexico continues to be a popular global tourism destination. Mexico's robust food retail sector remains strong, valued at $82.2 billion in 2022, and offers expanding opportunities for U.S. products. Additionally, Mexico's food processing industry is the second largest in Latin America, behind Brazil, making it a top market for U.S. food processing ingredients.
Fueled by Filipinos' fondness for food indulgences, rising disposable incomes, and increasing urbanization, the $1.2 billion confectionery and ice cream market is expected to see robust growth of eight percent annually through 2028. Imports account for one-third of the market share. Of these imports, six percent originate from the United States with export sales in 2023 amounting to $23 million. This growing market presents a significant opportunity for U.S. suppliers to expand their footprint, with niche opportunities for established brands, private labels, and "free-from" options.
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