Agri Commodities

U.S. Agriculture Exports Top $200 Billion In 2022

In 2022, the value of agricultural and associated product exports from the United States reached new heights, despite the fact that quantities of several main categories, such as grain and beef, were down year on year. 

Farm exports from the United States reached $213 billion last year, surpassing the previous high of $192 billion established in 2021. Last year’s sum represented an above-average 7.1% of overall US exports in 2022, which reached a record $3 trillion in goods and services. 

In 2022, China was the biggest market for US agricultural exports, accounting for a record 19.2% of total value, owing to higher imports of soybeans, beef and cotton. Canada, Mexico and Japan rounded up the top four, accounting for 16%, 14%, and 8% of net US exports in 2022, respectively. 

High volume supplies of maize, soybeans, cotton, wheat, and sorghum reached 146 million tonnes, a 6% decrease from the previous year. Sales of beef, poultry, pork, and associated products were 8.2 million tonnes, a 1% decrease from the previous year. 

Exports of intermediate goods such as soybean meal, soybean oil, and distillers grains declined 4% year on year, while ethanol exports increased 9% to a three-year record. Corn and soybean exports from the United States may reduce this year compared to last, owing to stiff competition from South America. Because of the tense relationship between the United States and China, the commerce flow is continuously under scrutiny. 

High Export Prices 

The prices of global commodities are increasing from the past few years due to rising economic tension and inflation. The prices of agricultural commodities are also growing, assisted by diminishing grain and oilseed supply. This happens due to Russia’s attack on Ukraine and both the countries are major Agriculture Exporters

As a result of the war, the average export rate of maize, wheat and soybean in the United States will set new highs in 2022. The price of corn was up by 19% year-on-year to $321 per tonne, soybean export prices were high at 16% to $601per tonne, and wheat was up at 35% to $407 per tonne. 

In 2011, Corn reached a high of $299, soybeans reached $568 in 2012, and wheat reached $376 in 2008. Soybean exports from the United States increased by 8% year on year in 2022, whereas corn decreased 16% and wheat declined 13%. Total maize exports, however, were roughly 2% higher than the five-year average. 

China: Importer Of US Agricultural Commodities

In 2022, agricultural and associated exports to China hit a record $40.85 billion, a 14% increase over the previous peak achieved last year. The amount would have met the 2020 benchmark specified in the Trump administration’s Phase 1 trade agreement, leading to a $36.5 billion purchase from the US by China in 2020. 

China’s total purchase amount for 2020 reached $28.8 billion, boosted by a late-year rise fueled in part by increasing Chinese demand. However, under the 2020 price levels, the primary intention was difficult to achieve, and China had no intention to import in bulk. 

In 2022, the US soybeans export rate was 43% costlier and US maize was 88% more expensive for China to purchase than in 2020. Last year, these two contributed 57% of US agricultural exports to China. 

The Biden administration has been relatively silent on Phase 1 since entering office two years ago, so watching this development is obviously futile for the time being, but U.S.-China trade patterns must be monitored. 

By volume, US soybean shipments to China increased 11% year on year in 2022 to 30.4 million tonnes, although a year-on-year loss was extremely anticipated if leading producer Brazil had not faced extreme drought. Brazil is now harvesting a record-breaking soybean crop. 

Beef shipments to China reached a peak of 244,000 tonnes in 2022, up 28% year on year and priced at $2.16 billion, above pork’s $1.36 billion.

Pork shipments to China declined 26% year on year to 534,000 tonnes, a drop of 46% from the high in 2020. 

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