2020 Export Overview
Top U.S. Agricultural Exports*(values in million USD) |
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| Commodity | 2016 | 2017 | 2018 | 2019 | 2020 | 2019-2020 % Change | 2016-2020 Average |
| Soybeans | 22,839 | 21,456 | 17,058 | 18,663 | 25,683 | 38% | 21,140 |
| Corn | 9,879 | 9,131 | 12,462 | 7,651 | 9,210 | 20% | 9,667 |
| Tree Nuts | 7,902 | 8,479 | 8,515 | 9,076 | 8,402 | -7% | 8,475 |
| Pork & Pork Products | 5,936 | 6,485 | 6,403 | 6,952 | 7,715 | 11% | 6,698 |
| Beef & Beef Products | 6,360 | 7,263 | 8,357 | 8,094 | 7,649 | -6% | 7,545 |
| Prepared Food | 6,118 | 5,938 | 6,245 | 6,731 | 6,733 | -- | 6,353 |
| Dairy Products | 4,698 | 5,377 | 5,493 | 5,924 | 6,453 | 9% | 5,589 |
| Wheat | 5,346 | 6,058 | 5,387 | 6,232 | 6,298 | 1% | 5,864 |
| Cotton | 3,967 | 5,845 | 6,562 | 6,148 | 5,976 | -3% | 5,700 |
| Soybean Meal | 4,073 | 3,881 | 5,073 | 4,365 | 4,758 | 9% | 4,430 |
| Fresh Fruit | 4,564 | 4,752 | 4,676 | 4,384 | 4,325 | -1% | 4,540 |
| Poultry Meat & Products | 3,879 | 4,267 | 4,274 | 4,243 | 4,244 | -- | 4,181 |
| Fresh Vegetables | 2,446 | 2,513 | 2,577 | 2,672 | 2,564 | -4% | 2,554 |
| Processed Vegetables | 2,695 | 2,691 | 2,613 | 2,703 | 2,376 | -12% | 2,616 |
| Ethanol (non-beverage) | 2,042 | 2,412 | 2,663 | 2,349 | 2,333 | -1% | 2,360 |
| Rice | 1,784 | 1,709 | 1,678 | 1,850 | 1,877 | 1% | 1,780 |
| All Others | 42,190 | 42,338 | 42,173 | 40,962 | 41,419 | 1% | 41,816 |
| Total exported | 134,678 | 138,183 | 139,544 | 136,650 | 145,683 | 7% | 138,948 |
Source: U.S. Census Bureau Trade Data - BICO HS-10
*Ethanol is not counted as an agricultural good in the USDA definition of agriculture
Overview
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, returning to levels prior to China’s imposition of Section 232 and 301 retaliatory tariffs, when China accounted for at least 50 percent of total bean export value since 2009.
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. This rise was led by a 75- percent increase in exports to China and a 7-percent increase to Japan, the No. 2 market. Exports to China were buoyed by increased demand for imports following significant reduction of the Chinese herd due to African swine fever (ASF).
While tree nut exports to the world were down 7 percent in 2020 due to lower sales to Hong Kong and the EU, they remained the No. 3 export commodity for U.S. farmers and ranchers. Exports of processed vegetables fell by $326 million in 2020. Sixty-seven percent of this decline is attributable to lower exports of french fries, as the quick-service restaurant industry lost customers around the world due to stay-at-home edicts.
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. Total livestock, poultry, and dairy exports were up $765 million, a 2-percent increase from last year, as lower beef, hides & skins, and poultry exports partially offset the gains in pork and dairy.
Outlook
The year 2021 is a difficult year to forecast in terms of agricultural trade. While global economic growth is expected following the COVID-induced recession of 2020, the speed of recovery is uncertain due to differences in how individual countries will manage economic response and recovery.
The United States starts the year in a solid position with high global commodity prices and reduced competition for several major commodities, most notably soybeans from Brazil and corn from Ukraine. Strong demand from China is expected to continue to drive U.S. corn and soybean exports. China is expected to remain the top U.S. export destination as the post-ASF recovery of the swine heard will continue to require large volumes of soy and corn imports. China’s continued implementation of the U.S-China Phase One Agreement should also contribute to strong overall demand for U.S. goods throughout the year.
The United States expects an increase in exports from recently signed and upgraded trade agreements with Canada, Mexico, and Japan.