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Japan has a well-developed food retail market that demands high-quality, high-value agricultural and food products. Despite reduced economic activity during the COVID-19 pandemic, trade data show that agricultural imports have remained resilient.
U.S. agricultural exports to China in fiscal year (FY) 2022 were $36.4 billion and surpassed the previous year’s record with China as the largest export market for the second consecutive year. Significantly higher agricultural prices and resilient demand helped drive exports above the previous year’s record despite lower volumes for most products.
China’s bakery sector has been expanding rapidly in recent years, underpinned by the country’s rising middle class, ongoing Westernization of lifestyles and diets, and increasing demand.
The significant rise of dog- and cat-owning households in East Asia presents an opportunity to increase the U.S. exports of pet food.
At a combined $23.8 billion, China and Hong Kong represent 18 percent of U.S. agricultural exports to the world, up from 10 percent just a decade ago.
The United States is the world’s top exporter of processed potato products. Over the past decade those exports have grown 127 percent, reaching a record $1.5 billion in 2014...
Exports of high-value, processed food products have been a significant contributor to the strongest five-year period for agricultural exports in U.S. history.
A rapidly growing middle class in North Asia is expected to boost demand for U.S. agricultural exports over the next decade.
Growing demand for pet food is creating new opportunities for U.S exporters in both established and emerging markets worldwide.