Growth in the U.S. economy slows to +4.9% in the 3Q which is lower than estimates of 5.2%. At the same time, inflation also slows down and stands at 2.6% against an expected figure of 2.8%. In this context where inflation is under control, there is a growing front of those calling for a cut in interest rates by the Federal Reserve, the U.S. Central Bank, so as to stimulate investment by American businesses.
ITALIAN FOOD CHAMPIONS ARE OLIVE OIL, PASTA AND CHEESE
In this scenario, in the first nine months of 2023, Italy rises in the ranking of food and wine suppliers in the U.S. to third place, behind only Mexico and Canada, reaching revenues of US $5.3 billion. Among European countries, there is only France, which, however, loses positions, dropping from third to fifth place. Italy still has to deal with the reduced purchasing power of the U.S. consumers, however, which will hopefully increase thanks to the drop in inflation. It is not surprising if in the first nine months of 2023 the trend of Italian food & wine exports suffers a setback by falling 1.7%.
The categories that are showing positive trends in value sales in the U.S. are pasta and olive oil, which are on the rise by 9.1% and 6.5%, respectively, and rank first in the competition among various exporting countries in the U.S. Among the most exported food products to the U.S. that are registering double-digit growths again in the January-September 2023 period are sauces and other food preparations with a trend of 20.9% and ranking fifth among exporters in the same category.
Also Italian-sourced waters do very well that even puts in an increase of 29.8% and ranking first among competitors from other countries.
The United States is also a key destination country for Italian dairy companies. Every year Italy brings 35 thousand tons of cheese to the U.S. market, worth 420 million euros. Pdo cheeses are those most appreciated by U.S. consumers. The Memorandum of Understanding signed in July between Assolatte, the Italian dairy industry association and the U.S. Dairy Export Council, and the National Milk Producers Federation will help protect dairy names so that terms such as milk, cheese, yogurt, butter, etc. are reserved exclusively for real products derived from milk. With a production of about 103 million tons of milk and more than 6 million tons of cheeses, the U.S. is the world’s leading cheese producers; Italy, for its part, steadily ranks fourth of the ranking, with 1.2 million tons exported outside European borders.