Food & Beverage: United States by far the leading market for global exports in the first half of 2024
California, New Jersey and Illinois were the US states with the greatest progress in F&B imports from the world
Published by Marcello Antonioni. .
Food&Beverage Conjuncture Check performance United States of America American States Agribusiness
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Food&Beverage: best/worst international markets in H1-2024
The international trade data for the second quarter of 2024, available in the ExportPlanning Quarterly World Trade Datamart, allow to document the confirmation of the largely driving role of the US market with reference to the Food & Beverage industry.
As documented in the table below, in the most recent quarter, world exports of Packaged Food and Beverages1 to USA recorded a year-over-year increase of almost 1.7 billion euros, even better than the performance of the first quarter of the year (+1 429 million euros).
Behind the US market, in the first half of the year, we note - albeit with overall much less significant increases - the trend growth of world exports of Packaged Food and Beverages to United Kingdom (+754 million euros compared to the first half of 2023), Canada (+638 million €) and Germany (+635 million €, clearly accelerating in the most recent quarter).
World Exports of Packaged Food and Beverages:
best/worst international markets in the first semester of 2024
| Year-Over-Year changes (millions of euros) | |||
| Market | Q1-2024 | Q2-2024 | H1-2024 |
| United States | +1 429 | +1 663 | +3 092 |
|---|---|---|---|
| United Kingdom | +354 | +400 | +754 |
| Canada | +362 | +275 | +638 |
| Germany | + 95 | +540 | +635 |
| Italy | +280 | +326 | +606 |
| Mexico | +172 | +432 | +604 |
| Vietnam | -201 | - 59 | -260 |
| Russia | -234 | - 32 | -267 |
| Singapore | - 78 | -191 | -269 |
| Thailand | -235 | -194 | -429 |
| China | -541 | -161 | -702 |
| Hong Kong | -619 | -354 | -973 |
Source: ExportPlanning processing from Quarterly World Trade Datamart
On the other hand, in the first half of the year the largest overall year-over-year declines of Food & Beverage world exports were recorded towards Hong Kong (-973 million euros compared to the first half of 2023) and China (-702 million euros compared to the first half of 2023).
The Y-o-Y changes in world exports of Food & Beverage were pretty negative also towards Thailand (-429 million euros), Singapore (-269 million euros, and worsening in the most recent quarter), Russia (-267 million euros) and Vietnam (-260 million €).
US market of F&B: main driving States in H1-2024
The data updated to the second quarter of 2024 on US foreign trade, available at the individual State level in the Quarterly Trade of American States Datamart, allow us to document the most dynamic geographical areas within the US market, in terms of Food & Beverage imports.
The following table shows the US States that recorded the highest trend increases in the first half of 2024: above all, California2 stood out as the main driving State in terms of imports of Packaged Food and Beverages (+588 million euros compared to the corresponding semester of 2023, with a clear acceleration in the most recent quarter).
Behind it, the largest y-o-y increases were recorded by New Jersey3 and Illinois4 (respectively +574 and +506 million euros compared to the first semester of 2023; both accelerating in the most recent quarter).
US Imports of Packaged Food and Beverages:
main driving States in the first semester of 2024
| Year-Over-Year changes (millions of euros) | |||
| American State | Q1-2024 | Q2-2024 | H1-2024 |
| California | +171.5 | +416.4 | +587.8 |
|---|---|---|---|
| New Jersey | +277.3 | +296.9 | +574.1 |
| Illinois | +124.3 | +381.5 | +505.9 |
| New York | + 23.9 | +139.3 | +163.2 |
| Pennsylvania | + 34.8 | + 99.5 | +134.2 |
| Maryland | + 3.9 | +108.5 | +112.4 |
| Virginia | +133.9 | - 27.7 | +106.3 |
Source: ExportPlanning processing on Quarterly Trade of American States Datamart
Also, although characterized by relatively less intense absolute increases, the growth performances of imports from the world of packaged food and beverages of New York (+163 million euros compared to the first half of 2023, and accelerating in the most recent quarter), Pennsylvania (+134 million euros), Maryland (+112 million euros) and Virginia (+106 million euros, although decreasing in the most recent quarter) are worth noting.
Conclusions
The data on international trade in Food & Beverage document how in the first half of 2024 the US market made by far the largest contributions to the growth of global sales, with an increase of over 3 billion euros compared to the corresponding half-year 2023. Furthermore, the detail of the most recent quarter signals a phase of - albeit moderate - acceleration in progress.
The analysis of the data of US Food & Beverage imports at the State level also allows us to identify some markets (California, New Jersey and Illinois, above all) in a phase of significant growth in the first half of 2024.
For exporters in the Food & Beverage industry, the possibility of monitoring "in real time" a market of strategic importance (by far the first in the world in terms of value of 2023 imports of Packaged Food and Beverages [with 97.7 billion euros]), at a State-/Country of origin-/Product-level5, can allow them to support and better orient their marketing and commercial strategies.
1) See the list of sectors included in this analysis in the following description table.
2) California also ranks first overall for the value of imports from the world of Packaged Food and Beverages in the last year (with 14.2 billion euros).
3) New Jersey also ranks second overall for the value of packaged food and beverage imports from the world in the last year (with 12.9 billion euros).
4) Illinois also ranks third overall for the value of packaged food and beverage imports from the world in the last year (with 10.6 billion euros).
5) In the Quarterly Trade of American States Datamart, the trade data of the American States are available, broken down by partner countries, at a detailed level of product/sector/industry.
