US is key to global ag

The United States is the world’s second largest agricultural trader, behind the European Union. U.S. agricultural exports and imports increased significantly over the last 25 years due to the economic ascension of many emerging economies, as well as the implementation of foreign and domestic policies that expanded U.S. access to foreign markets. Over the same period, the geographic and product composition of U.S. agricultural trade shifted, as rising incomes and growing supply capacity of emerging economies reshaped global supply and demand for agricultural and food products (see publication below).

Composition and Destinations of U.S. Agricultural Exports Have Shifted

With U.S. agricultural output growing faster than domestic demand for many products, U.S. farmers and agricultural firms have been relying on export markets to sustain prices and revenues. As a result, U.S. agricultural exports have grown steadily over the past 25 years—reaching $174 billion in 2023, up from $57.3 billion in 1998.

The product composition of agricultural exports shifted over that 25-year span, reflecting changes in global supply and demand. Most notably, exports of consumer-oriented products—including high-value products (HVP) such as dairy products, meats, fruits, and vegetables—showed strong growth driven by increasing population and income worldwide, as well as a growing diversification of diets (figures 1 and 2).