Home   Ag Industry News

US Ag exports dip in 2023 despite overall trade growth


In 2023, U.S. agricultural and related product exports saw a notable decline, reaching $191 billion, a 10% drop from the record in 2022. This decrease, hitting a three-year low, was attributed to declining commodity prices and shipment volumes. The U.S. Census Bureau reported that bulk commodity exports, encompassing major items like soybeans, corn, wheat, and cotton, hit a 10-year low by volume, down 17% from 2022, marking the largest year-on-year decline since 1985.

The challenges were particularly pronounced in satisfying Chinese demand, with competition intensifying from key suppliers. Brazil, a major competitor, significantly increased its corn and soy shipments in 2023, reaching 158 million metric tons, a 29% rise from the previous year.

China's declining share in U.S. soybean shipments added to the challenges, dropping to 38%, the lowest since 2002. Despite these setbacks in the agricultural sector, total U.S. exports, including goods and services, increased by 1% in 2023, reaching a new record of $3.05 trillion. However, this growth rate was notably smaller compared to the robust 18% and 19% observed in 2022 and 2021.

Agriculture and related products accounted for 6.2% of all U.S. exports in 2023, a four-year low and a decrease from shares above 7% in the preceding three years. By value, U.S. bulk commodity exports declined by 22% from the 2022 high, with lower export costs for soybeans and corn, though still higher than in 2021. Wheat export prices dropped by 16%, and cotton prices fell by 19%, accompanied by significant volume declines.

However, there were positive aspects, with soybean meal shipments reaching a record 14.1 million tons, pork and pork product exports rising by 8%, and U.S. ethanol exports increasing by 9% to a four-year high due to a boost in domestic corn processing. The complex landscape of agricultural exports underscores the sector's resilience, even amid challenges and shifting market dynamics.

Trending Video

How to Grow Kale Organically without Pests and Disease

Video: How to Grow Kale Organically without Pests and Disease

We discuss: how to grow kale, what varieties of kale to grow, how to deal with flea beetles, aphids, and harlequin beetles, cabbage moths/butterflies, worms, etc.. We discuss insect netting. How to harvest and store and so much more!


Your email address will not be published