By Farms.com
In 2023, U.S. agricultural and related product exports saw a notable decline, reaching $191 billion, a 10% drop from the record in 2022. This decrease, hitting a three-year low, was attributed to declining commodity prices and shipment volumes. The U.S. Census Bureau reported that bulk commodity exports, encompassing major items like soybeans, corn, wheat, and cotton, hit a 10-year low by volume, down 17% from 2022, marking the largest year-on-year decline since 1985.
The challenges were particularly pronounced in satisfying Chinese demand, with competition intensifying from key suppliers. Brazil, a major competitor, significantly increased its corn and soy shipments in 2023, reaching 158 million metric tons, a 29% rise from the previous year.
China's declining share in U.S. soybean shipments added to the challenges, dropping to 38%, the lowest since 2002. Despite these setbacks in the agricultural sector, total U.S. exports, including goods and services, increased by 1% in 2023, reaching a new record of $3.05 trillion. However, this growth rate was notably smaller compared to the robust 18% and 19% observed in 2022 and 2021.