U.S. agricultural imports in FY 2024 are forecast at $200.0 billion, up $500 million from the August projection, largely driven by the strong U.S. dollar and resilient domestic demand for agricultural imports, especially for beef and veal, vegetable oils, and grain products.
The forecast for oilseeds and products are expected to be $500 million higher than the previous forecast to $19.2 billion. Much of this change is attributed to a $400-million increase in vegetable oil imports to $11.8 billion. Growth in vegetable oil import values is mainly driven by the rising value of canola and olive oil imports.
Wine imports in FY 2024 are forecast down from the August Outlook by $300 million to $7.3 billion. This downward revision reflects lower prices and weakening demand as consumers increasingly shift consumption towards alternative alcoholic beverages. Wine volume is reduced by 100 million liters to 1.5 billion. Other alcoholic beverages are unchanged.
Coffee imports are forecast down $200 million to $9.5 billion from the previous forecast, a 2-percent increase from FY 2023.
Cocoa and product imports are adjusted up $400 million to $6.2 billion, or 2 percent above the FY 2023 import value. Heavy rains in the main cocoa production areas of Western Africa, Côte d’Ivoire and Ghana, are creating a scenario for poor conditions, disease, and transportation challenges.
The U.S. is projected to import $47.1 billion from Mexico. While the peso has strengthened over FY 2023 it is forecast that the dollar will begin to appreciate relative to the peso in FY 2024, helping to continue bolstering Mexican imports, with increased imports of fresh fruits and vegetables followed by beer, distilled spirits, grain and feed, and sugar.
FY 2024 U.S. imports from Canada are adjusted to $40.2 billion. Demand for vegetable oil and consumer grain products is expected to continue to strengthen canola oil and grain product imports.
U.S. imports from Europe and Eurasia is unchanged at $39.1 billion, which is an expected 1-percent increase over FY 2023. However, imports from the EU are adjusted down by $500 million, due to a larger-than-expected drop in the 4th quarter of FY 2023. Alcoholic beverages, especially distilled spirits, were the largest factor. Additionally, the EU wine industry is expected to face declining production in FY 2024, coupled with reduced demand for alcoholic beverages broadly.
The forecast for imports from Asia is adjusted down $300 million for FY 2024 to $26.4 billion. While the U.S. dollar continues to be strong against the Chinese yuan, China‘s economy is slowing.
Imports from Africa are adjusted downward to $4.0 billion, with much of the changes associated with Sub-Saharan Africa. The top products imported from Africa are cocoa (Côte d’Ivoire and Ghana), fruits, coffee, and spices.
FDA Registration
Prior Notice
FDA Compliant Labels
If your domestic or foreign food facility’s registration was not renewed before December 31, 2022, it must obtain a new FDA Registration Number, because the old registration expired and is no longer valid.
You may want to take this opportunity to switch U.S. Agent.
Current and next deadline is December 31, 2024. However, renewals must occur between October 1 and December 31, 2024.
Companies can export or import Conventional Foods, Dietary Supplements or Alcoholic Beverages to or from the United States, as long as the facilities that produce, store, or otherwise handle the products are registered with the U.S. Food and Drug Administration (U.S. FDA).
A product sold as a dietary supplement and promoted on its label or in labeling as a treatment, prevention or cure for a specific disease or condition would be considered an unapproved illegal drug.
However, low acid, pasteurized, sterilized or acidified products sold in
▪ metal tins & cans
▪ canisters, drums, pails
▪ buckets, jars, bottles
▪ flexible pouches or tetra packs
require a Food Canning Establishment (FCE) registration.
The following can file a Prior Notice:
▪ Domestic and foreign cross-border transporters (rail, truck, ship, air).
▪ Exporters.
▪ Importers.
▪ Domestic and foreign brokers.
▪ Domestic and foreign manufacturers and growers.
▪ U.S. Agents such as ITB HOLDINGS LLC.