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On June 21, 2023, the European Commission (EC) approved three genetically engineered (GE) corn crops and renewed the authorization for three soybean crops and one cotton crop used for food and animal feed. The authorizations were published in the European Union’s Official Journal on June 22, 2032, and they remain valid for 10 years.

In 2022, the total value of all retail food and beverage (F&B) sales in Japan totaled $327 billion. As the market continues to transition to a post-COVID-19 environment, retailers and food and beverage manufacturers have implemented broad price increases on most food and beverage products, due to high inflation.

Korea was the 5th largest country importer of U.S. agricultural and related products in 2022. The United States is the leading supplier of imported consumer-oriented agricultural products for Korean retail industry, shipping $5.9 billion in 2022.

Post sees the food and beverage retail sector growing six percent more slowly than last year. Retail sales continue accelerating as chains open new outlets while enhancing their imports sections.

This report gives an overview of Thailand’s food retail sector and current market updates. Food and beverage sales are driving Thailand’s retail sector.

Post forecasts that, despite recent heavy rainfall in major producing provinces that has impacted quality, total wheat production in the People’s Republic of China (PRC) will be comparable in quantity to the previous year due to higher area planted and harvest completion in June.

The federal government opened consultations on regulatory changes to the Food and Drug Regulations to allow the incorporation by reference of food compositional standards.

The Hong Kong government (HKG) has launched a public consultation process on proposed amendments to its Preservatives in Food Regulations. Interested parties are welcome to submit comments before August 28, 2023.

Bite size local news, Post reports and activity summaries wrapped by ATO Hong Kong. In this issue: ATO Kicks Off Summer 2023 In-Store Retail Promotions; Most Business Receipts in Hong Kong Scored Two-digit Improvement for the First Quarter 2023; Hong Kong is Growing Faster Than Singapore

In 2022, Spain imported $1.98 billion worth of agricultural, seafood and forest products from the United States, up 28 percent compared to the previous year. The latest European Union (EU) economic forecast predicts that Spain's growth forecast will be 1.9 percent in 2023, above the EU average.

The Spanish strawberry sector is robust, with production mainly destined for the domestic market, the EU, and UK. Other berry production, especially blueberries, raspberries, and blackberries, has become an alternative in recent years to strawberry production as a value-added crop for Spanish farmers.

Vietnam's total retail sales in 2022 rose 13 percent year-on-year to $192 billion driven by a rebound in domestic consumption along with record-high gross domestic product (GDP) growth at 8.02 percent, according to Vietnam’s General Statistical Office.