U.S. Agricultural Exports Enjoy Second-Highest Level in History

WASHINGTON, DC – Total U.S. agricultural exports in 2020 were nearly $146 billion, up almost 7 percent from 2019, and the second highest level on record after Calendar Year 2014. The primary factor for this surge in exports was increased shipments of soybeans, corn, and pork to China. Soybeans continued to be the United States’ No.1 agricultural export, increasing 38 percent to a record $25.7 billion in 2020 and accounting for nearly 18 percent of total U.S. agricultural exports. In 2020, soybean shipments to China accounted for 55 percent of total soybean exports. In 2009, China accounted for at least 50 percent of total bean export value. Corn exports to the world rose 20 percent to $9.2 billion, led primarily by a $1.1 billion increase in sales to China. Increased competitiveness due to production shortages in Argentina and Ukraine contributed to this sharp increase. Mexico and Japan continued to be the top two markets for U.S. exports, while high domestic prices in China led to the largest value of U.S. exports to China since 2013. Pork exports was the other major contributor in 2020, rising by 11 percent and led by a 75 percent increase in exports to China and a 7 percent increase to Japan, the No. 2 market. Other notable developments in 2020 included a 3-percent decrease in cotton exports to $6 billion, as sales were hit hard during the second quarter due to a reduction in demand and mill use arising from the coronavirus (COVID-19) pandemic. Overall bulk commodity exports increased $9.5 billion (22 percent) with sorghum performing well with a 160 percent ($837 million) leap from the previous year. Dairy product exports were up $529 million (9 percent) from a year ago, led by strong performance of skim milk powder to Southeast Asia.
(SOURCE: All Ag News)