Ag Export Values Dropped in FY 2023

Agricultural export values in fiscal year 2023 that ran through September 30 declined while imports narrowly increased. Agricultural product values from October 2022 through the end of September were reported to be $178.7 billion, down from $196.1 billion a year earlier.

A USDA report last week said import values rose 0.6 percent to $195.4 billion. Corn exports were the second-biggest decliner behind only vegetable oils with the value falling 32 percent to $13.1 billion. Cotton fell 28 percent, wheat values were down 21 percent, and soybeans dropped two percent year-over-year. The agency says the volume of corn exports dropped 32 percent, wheat shipments slipped 14 percent, and soybeans declined seven percent.

Mexico was the biggest buyer of U.S. corn by volume during the fiscal year, purchasing 16.5 million metric tons of the grain, a narrow drop compared to the previous year. China bought the most beans, and Mexico the most wheat.