In 2023, the export of agricultural products from the USA fell to a 3-year low

Exports of agricultural products from the USA in 2023 amounted to $191 billion, which is 10% less than the previous year's record.

According to the US Bureau of Statistics, exports of major agricultural commodities, including the most profitable corn, soybeans, wheat and cotton, fell 17% year-on-year to a 10-year low in 2023, the largest annual decline since 1985. The reason was high prices and increasing offers from competing exporting countries.

Thus, the total export of corn and soybeans from the USA in 2023 decreased by 18% to 94 million tons. The biggest reduction was recorded in December - only 38% of American products were exported to China, while the average 3-year indicator is 59%. This is China's lowest share of December U.S. soybean exports since 2002, excluding the period of the 2018 trade war.

The share of agricultural products in total US exports in 2023 was the lowest in the last 4 years at 6.2%. Exports of soybean oil fell by 76% to the lowest level since 1967 due to a sharp increase in domestic consumption. At the same time, the export of soybean meal reached a record 14.1 million tons, which was 10% higher than the previous peak recorded in 2018.

Almost half of the agricultural products exported from the USA in 2023 were sent to Canada, Mexico and China. At the same time, Canada's share in the total value of American exports for the first time in 4 years surpassed China's share and amounted to 17.3%, which is the highest indicator since 2006. At the same time, China's share decreased from a record 19.2% in 2022 to a 4-year low 16 .6%.