YOUR TEXAS AGRICULTURE MINUTE
Diving deeper into 2022 U.S. ag trade numbers
By Gary Joiner
U.S. agricultural trade had another record year in 2022. Both export and import values reached new levels.
A recent Market Intel report from the American Farm Bureau Federation indicates export value topped $196 billion. That’s an increase of $19.5 billion or 11% compared to 2021.
Pretty impressive, given the average year-over-year increase in ag export value over the last decade has been 3.3%.
On the other side of the ledger, ag imports by value also increased significantly. Values were up 16% or nearly $28 billion.
The U.S. ended 2022 with an agricultural trade deficit of $3 billion. This is the second time it has done so in the last 10 years, during which the 10-year average has been a trade surplus of $12.5 billion.
It’s also important to note export volume actually declined by 6% in the past year.
U.S. exports remained concentrated in the top six markets. Sixty-seven percent of U.S. ag exports were to China, Mexico, Canada, Japan, EU and South Korea.
Exports by value to all six of these markets increased in 2022.
Last year was a mixed bag for U.S. agricultural exports. Exports by value surged, but so did imports.
This is an area worth watching for Texas farmers and ranchers.
The preceding commentary is brought to you by Texas Farm Bureau, the “Voice of Texas Agriculture.” Called “Your Texas Agriculture Minute,” TFB will issue thought-provoking editorials each week—via print and audio—to spark understanding of agriculture in the Lone Star State and its impact on each and every Texan.
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