U.S. Agricultural Exports Increased in Diverse Markets over the Last Decade

United States agricultural exports reached $178.7 billion in FY 2023 (October – September), the second-highest level ever following the previous year’s record. Over half of U.S. agricultural exports continue to go to our four large, traditional, economically strong markets: China ($33.7 billion), Mexico ($28.2 billion), Canada ($27.9 billion), and the European Union ($12.3 billion). Though maintaining their importance as top markets for decades, they represent only a small slice of the total geographical reach of U.S. agricultural exports. In fact, in FY 2023 the United States exported agricultural products to nearly 200 different markets – many of which have grown substantially during the past decade.

Between FY 2013 and 2023, U.S. agricultural exports increased by $33.7 billion, and many markets outside of the traditional top four saw significant export growth. Of these markets, the top 20 by value growth include many U.S. free trade agreement partners such as South Korea (up $2.4 billion to $7.7 billion), Colombia (up $1.9 billion to $3.3 billion), Panama (up $332 million to $918 million), and all six CAFTA-DR partners (up a combined $3.2 billion to $7.1 billion). Many of the fastest growing markets are in Southeast Asia, with 3 countries in the region appearing in the top 20: the Philippines (up $1.0 billion to $3.5 billion), Vietnam (up $881 million to $3.0 billion), and Indonesia (up $351 million to $3.0 billion). Exports to South Asia have also increased significantly, with India (up $756 million to $1.7 billion), Pakistan (up $796 million to $1.2 billion), and Bangladesh (up $330 million to $579 million) represented in the top 20.  As these markets continue to expand and mature, prospects for increasing U.S. agricultural exports will also grow.