WASHINGTON, DC – When looking at export growth for U.S. commodities, it’s convenient to focus on the top six markets, where 67 percent of all raw products end up.
Veronica Nigh, Senior Economist with the American Farm Bureau Federation (AFBF) and explains that China remains the top destination ($38.2 billion), followed by Mexico ($28.5 billion), Canada ($28.3 billion), Japan ($14.6 billion), European Union ($12.3 billion) and South Korea ($9.5 billion).
Exports in 2022 (by value) increased relative to 2021, “though a very strong dollar and elevated ocean freight rates took a toll, particularly in Japan and South Korea, where exports by value only increased by 3 percent (or less).”
“It is worth noting,” she says, that “the long trend of growth in U.S. agricultural exports to developing countries (12 percent) outpaced export growth to developed countries (9 percent)” as even U.S. market share in the Chinese market remained relatively stagnant in 2022 at 18.8 percent while Brazil continues to gain more share (from 22.1 to 24.2 percent).
With some notable exceptions, Nigh concludes, “U.S. improvements to market share in the Chinese market remained relatively flat, despite an overall growing market.”
(SOURCE: All Ag News)