Two summations of 2022 ag trade were released on Feb. 10, with the USDA touting record exports and the American Farm Bureau Federation taking a closer look at the government’s figures.
The USDA release stated, “The American agricultural sector posted its best export year ever in 2022 with international sales of U.S. farm and food products reaching $196 billion, Agriculture Secretary Tom Vilsack announced today. Final 2022 trade data released earlier this week by the Commerce Department shows that U.S. agricultural exports increased 11 percent, or $19.5 billion, from the previous record set in 2021.”
The AFBF’s release countered, “2022 was a record year for U.S. agricultural trade, topping $196 billion. Despite an 11 percent 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 percent. 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.”
USDA noted the “top commodities exported by the United States in 2022 were soybeans, corn, beef, dairy, cotton and tree nuts, which together comprised more than half of U.S. agricultural export value.” It said, “International sales of many U.S. products – including soybeans, cotton, dairy, beef, ethanol, poultry, soybean meal, distilled spirits and distillers’ grains – reached record values.”
And the AFBF said, “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.”
AFBF President Zippy Duvall stated, “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. 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.”
USDA Secretary Tom Vilsack said, “We’re strengthening relationships with our trading partners and holding those partners accountable for their commitments. We’re making historic investments in infrastructure to strengthen supply chains and prevent market disruptions. We’re knocking down trade barriers that hamper U.S. producers’ access to key markets. And we’re continuing to invest in export market development programs, partnering with industry to bring high-quality, cost-competitive U.S. products to consumers around the world.”
The AFBF went on to note, “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 percent. Despite that, U.S. market share in the Chinese market remained almost unchanged.”
You can read the full Market Intel here.
