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Quarterly Agricultural Export Forecast

Quarterly Agricultural Export Forecast

FAS and the Economic Research Service jointly publish the quarterly Outlook for U.S. Agricultural Trade. The agricultural export forecast is updated February, May, August, and November.
The Hong Kong Environmental Protection Department is in the process of mapping out legislative initiatives coupled with public education to enhance waste management. U.S. food exports to the city could be impacted by the government’s adoption of various producer responsibility schemes (PRSs) relating to plastic and glass beverage containers by which manufacturers/importers are expected to pay a levy.
In 2021, the total value of U.S. agricultural and related products exported to Taiwan was $3.94 billion, an increase of 18 percent compared to the previous year. Taiwan moved up two places to rank as the 6th largest market for U.S. agricultural exports in 2021. This was the second highest year on record behind 2018’s $4.08 billion. Products in the consumer oriented category continue to play an increasingly important role, with beef and dairy products hitting new highs year after year.
On April 1, 2022, Taiwan notified the United States that it had successfully completed an audit inspection of the U.S. system for eggs and egg products. As of May 30, 2022, the United States has full market access to Taiwan for all eggs and egg products.
On May 23, 2022, the People’s Republic of China (PRC) and Brazil held High-Level Committee talks. According to the press release issued by the PRC’s Ministry of Commerce (MOFCOM) on May 24, the talks included several agricultural-related outcomes including, improved and new sanitary and phytosanitary (SPS) market access protocols for corn and hulled peanuts along with plans for new SPS protocols on soy protein concentrate, soybean meal, and orange fiber pellets that may be signed later.
Several Chinese provinces are experimenting with the utilization of nine Chinese medicines, including American ginseng (Panax quinquefolius), for use in food products. The pilot programs are open through November 2022. At this time, American ginseng is regulated as a traditional medicinal product. If American ginseng is approved for use in food products, this could create additional opportunity for both imported product and spur domestic production.
On May 10, the National Development and Reform Commission (NDRC) issued the “14th Five-Year Plan for Bioeconomic Development,” with the intention to accelerate breakthroughs and achieve scientific and technological self-reliance in four key areas of bioeconomic development, including bio-agriculture and bioenergy.
In May 2022 the New Zealand (NZ) Government released their First Emission Reduction Plan (ERP). The ERP outlines the proposed focus points and actions as required by the climate change response (Zero Carbon) Amendment Act of 2019.
Attaché Report (GAIN)

Malaysia: Cotton and Products Annual

Post forecasts consumption of cotton in the Malaysian textile industry at 290,000 bales in marketing year (MY) 2022/23, a 3.3 percent drop from the previous year post’s estimate.
On April 22, 2022, Japan launched a public-private partnership to facilitate the introduction of an international competitive supply chain for sustainable aviation fuel (SAF).
The Republic of Korea (ROK) has joined international commitments to reach carbon neutrality by 2050 and passed a Carbon Neutrality Act in 2021 to promote green growth. Although the agricultural industry will be relatively less impacted than some other sectors (including energy), agricultural producers will need to make some adjustments.
In the first quarter of 2022, U.S. agricultural exports fell to the lowest level in four years. While expanding U.S. direct exports to China, and lingering shipping issues continue to drive the overall decline in U.S. agricultural exports to Hong Kong, government restrictions in response to the city’s fifth wave of the pandemic exacerbated the drop in U.S. agricultural sales.