U.S. Agricultural Exports Topple Record on Mexico’s Demand

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Soaring demand from China and Mexico lifted U.S. farm exports 18% last year to a record-breaking $177 billion.

U.S. Agriculture Secretary Tom Vilsack lauded the export gains as “a major boost for the economy as a whole, and particularly for our rural communities.”

The U.S. expanded foreign sales in a broad range of agricultural commodities despite complaints of higher costs and delays in transoceanic shipping, export data released Tuesday by the Commerce Department showed. Corn exports rose 53% and beef shipments climbed 43% in the final three months of last year, compared with the year-earlier period.

China retained its ranking as the top export destination, with purchases of farm and food products climbing 25% from 2020. Mexico surpassed Canada as the second biggest export destination, with exports jumping 39% to a record $25.5 billion from the prior year.

China imported a record $33 billion in U.S. agricultural products last year, even though the Biden administration has criticized Beijing for falling short of purchase commitments in the Phase One trade agreement that ended Donald Trump’s tariff war with the Asian nation.

The Commerce Department data also showed U.S. farmers increasingly dependent on China and a handful of large customers. China accounted for 19% of U.S. farm exports last year, up from 16% in 2015. The top four foreign markets, which also include Mexico, Canada, and Japan, accounted for 55% of exports, compared with 52% in 2015.

Source: El Financiero

Mexico Daily Post