2022 Ag Trade Includes Wins and Losses
2022 was a record year for U.S. agricultural trade, topping $196 billion. Despite an 11% increase from 2021, it wasn’t all good news for America’s farmers and ranchers. While export values increased, overall export volume decreased by 6%. Imports of agricultural goods also increased by $28 billion, creating a trade deficit for 2022. American Farm Bureau Federation economists analyzed the trade numbers in their latest Market Intel report.
Cotton, soybeans, poultry meat, beef and tree nuts experienced export volume growth. Hay, coarse grains, fresh vegetables and wheat declined in export volume and value in 2022. Drought conditions in the U.S. limited production of many crops. A volatile global market contributed to rising costs for wheat.
“It’s encouraging to see the value of America’s agriculture exports increase, but America’s farmers and ranchers still face challenges from the weather and competition from other countries,” said AFBF President Zippy Duvall. “The 2022 agricultural trade deficit demonstrates that there is more to be done by the Administration. The enforcement of current trade agreements and pursuit of new trading partners will enable America’s farmers to meet the growing needs of families here at home and abroad.”
In 2022, U.S. exports remained concentrated in the top six markets, led by China, Mexico and Canada. Export value to China had the largest major market year-over-year increase, at 16%. Despite that, U.S. market share in the Chinese market remained almost unchanged.
Read the full Market Intel from Farm Bureau Senior Economist Veronica Nigh at https://bit.ly/3JZodEd. You can also have Market Intel reports delivered to your inbox, by subscribing at https://bit.ly/3RSo9Id. ;
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