The value of total U.S. exports, excluding the reexport of foreign-origin goods, has grown at an average annual rate of 6% since 2002, reaching a record high of $1.4 trillion in fiscal year (FY) 2021. While the bulk of total U.S. exports was associated with industrial supplies and capital goods, agriculture’s share of total U.S. exports has steadily increased.
Between FY 2002 and FY 2021, the value of U.S. exports of agricultural products rose by an average of 11% annually, exceeding the overall rate of increase for total U.S. exports. In 2021, agricultural exports accounted for 12% of the total value, up from 9% in 2002. Growth in agricultural exports has largely been resilient to market shocks associated with the COVID-19 pandemic.
Even as total U.S. exports fell by 12% during COVID-19’s onset in FY 2020, agricultural exports remained steady on the strength of surging shipments of soybeans, corn and pork to China. In 2021, total U.S. exports rebounded by 14% as global demand recovered and trade restrictions were relaxed.
However, exports of agricultural products surged 23% to $172 billion on increased demand for grains and feed, followed by oilseeds and animal products. Much of this demand came from China but also from Mexico and Canada, consistently among the top three importers of U.S. products.
While China’s demand for U.S. soybeans, corn and other feed products rose because of its hog sector rebuilding from the African swine flu outbreak, agricultural exports to Mexico and Canada were bolstered by their growing livestock and poultry sectors, integrated supply chains and the ratification of the U.S.-Mexico-Canada Agreement. Led by increases in corn, cotton and soybean shipments, agricultural exports are forecast to reach a record $196 billion in FY 2022 and are projected to remain strong at $193.5 billion in FY 2023. — USDA Economic Research Service
