In 2023, the United States experienced a significant downturn in agricultural exports, reaching a three-year low. According to data from the US Bureau of Statistics, exports of agricultural products amounted to $191 billion, marking a 10% decrease from the previous year's record.

Decline in Major Agricultural Commodities

Exports of major agricultural commodities, including corn, soybeans, wheat, and cotton, plummeted by 17% year-on-year, hitting a 10-year low in 2023. This decline represents the largest annual drop since 1985, primarily attributed to high prices and increased competition from other exporting nations.

Reduction in Corn and Soybean Exports

The total export of corn and soybeans from the USA saw an 18% decrease in 2023, amounting to 94 million tons. December witnessed a particularly significant reduction, with only 38% of American soybean products being exported to China, marking the lowest share since 2002, excluding the 2018 trade war period.

Shift in Export Destinations

A notable shift occurred in export destinations, with nearly half of the agricultural products being sent to Canada, Mexico, and China. Canada's share in total American exports surpassed China's for the first time in four years, reaching 17.3%, the highest level since 2006. Meanwhile, China's share decreased to a four-year low of 16.6%, down from a record 19.2% in 2022.

Challenges in Soybean Market

Export of soybean oil experienced a drastic 76% decline, reaching its lowest level since 1967, primarily due to increased domestic consumption. However, soybean meal exports reached a record high of 14.1 million tons, marking a 10% increase from the previous peak recorded in 2018.

Despite challenges in the agricultural export sector, industry experts are closely monitoring market dynamics and exploring strategies to enhance competitiveness and regain momentum in global markets.

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