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Exports of agricultural and related products from the United States reached record levels in value in 2022, although higher prices played a role as volumes of some relevant items, such as grains and meat, fell for the year.
US agricultural shipments were valued at $213 billion last year, above the previous high of $192 billion set in 2021. Last year's total represented 7.1% above the average for all US exports in 2022, which reached a record 3 trillion dollars in goods and services.
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China was the top destination for US agricultural products in 2022, with a record 19.2% of value, led by increased purchases of soybeans, cotton and beef. Canada, Mexico and Japan rounded out the top four buyers with 16%, 14% and 8%, respectively, of total US exports in 2022.
Despite the record value, total volumes in the main product categories were lower in the year. Bulk exports, including corn, soybeans, wheat, cotton and sorghum, totaled 146 million tons, down 6% compared to 2021.
Exports of beef, pork, poultry and related products were 8.2 million tons, down 1% for the year.
Exports of intermediate products, including soybean meal, soybean oil and distillers grains, fell by 4% for the year, although ethanol exports rose by 9%, to a three-year high.
American exports of corn and soybeans, the two biggest-grossing agricultural items, could fall this year compared to last year mainly due to strong competition from South America. The difficult relations between the United States and China also have this flow commercial issue constantly in question.
HIGH PRICES
Global commodity prices have risen over the past two years due to rising economic concerns and inflation, and agricultural product prices have been supported by shrinking supplies of grains and oilseeds. This rally reached its peak a year ago, amid the Russian invasion of Ukraine, both major exporters in the sector.
As a result, the average cost of exporting US corn, soybeans and wheat reached new records in 2022. Corn at $321 per ton was up 19% for the year, soybeans at $601 per ton were up 16% and wheat was up 35%, to 407 per ton.
Previous highs were $299 for corn in 2011, soybeans at $568 in 2012 and wheat at $376 in 2008.
US soybean exports in 2022 are up 8% year-to-date in volume, but corn is down 16% and wheat is down 13%. However, total corn shipments were about 2% above the five-year average.
CHINA
US agricultural and related exports to China in 2022 reached a record $40.85 billion, an increase of 14% from the previous high set last year. That would have met the 2020 target as outlined in Phase 1 of the trade deal signed three years ago under the Trump administration, which required China's U.S. purchases in 2020 to reach at least $36.5 billion.
By volume, US soybean exports to China in 2022 rose 11% on the year to 30.4 million tonnes, but a year-on-year decline would have been highly likely had top exporter Brazil not suffered a severe drought. Brazil is currently harvesting its record soybean crop.
US corn exports to China last year were down 14% in volume from the 2021 high, and future orders are relatively very small. Brazil also has a role in this, as its corn trade with China opened at the end of last year and shipments increased.
US beef exports to China reached a record 244,000 tons in 2022, an increase of 28% on the year and worth $2.16 billion, surpassing pork's $1.36 billion figure. Pork exports to China fell 26% on the year to 534,000 tonnes, down 46% from the 2020 peak.
Source: Karen Braun | Notícias Agrícolas
