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May 8, 2023
by Keith Good, University of Illinois FarmDoc project Last week, the USDA's Foreign Agricultural Service (FAS) released its 2022 U.S. Agricultural Export Yearbook, a statistical summary of U.S. agricultural commodity exports. Today's update includes highlights from the report, with a focus on corn, soybeans and wheat. The Yearbook stated that, "In 2022, U.S. exports of farm and food products to the world totaled $196 billion, topping the 2021 total (and previous record) by 11 percent ($19.5 billion). Most of this gain was due to historically high prices, as the overall agricultural export volume of bulk commodities decreased by 6 percent year-over-year." "Soybeans, corn, beef and beef products, dairy products, cotton, and tree nuts were the top export commodities, comprising more than half of U.S. agricultural export value." More narrowly with respect to corn, FAS explained that, "U.S. corn exports were valued at $18.6 billion in 2022, the second-highest year on record. Strong corn import demand in the European Union (EU) and China coincided with tighter exportable supplies in Ukraine, supporting record-high global commodity prices in 2022. With strong U.S. corn production and larger exportable supplies, exports to China were up modestly in value from the previous year and reached a record $5.3 billion. China was once again the largest destination for U.S. corn. Exports to the top three destinations, China, Mexico, and Japan, accounted for 71 percent of the total. The value of U.S. exports to Canada grew significantly due to the drought on the prairies, which reduced the availability of Canadian feed supplies." Regarding soybeans, the Yearbook noted that, "In 2022, the value of U.S. soybean exports to the world reached a record $34.4 billion, up 26 percent from the previous record set in 2021. Export value was mostly driven by growth in prices, but volumes also rose significantly on strong protein demand in most top export markets. China remained the largest export destination, with demand growing following recovery from ASF alongside general economic recovery. Most of the remaining export growth came from Mexico, the EU, Egypt, and Japan." To read the entire report click here. Tweet |
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