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The United States saw a significant increase in agricultural export volumes in 2024, as lower prices encouraged global importers to take advantage of affordable bulk commodities. According to a report from Reuters, U.S. bulk agricultural exports rose by 22% in volume compared to the previous year, marking the largest annual increase in a decade.
Despite this surge, the total revenue generated from these exports declined by 5% from 2023, as average export prices dropped by more than 20%. The overall value of U.S. agricultural and related product exports in 2024 reached $191 billion, up slightly from 2023 but still below the record high of $213 billion set in 2022.
Soybeans and corn were among the most in-demand commodities, with global buyers capitalizing on reduced costs. The lower prices allowed key trade partners, including Canada, China, and Mexico, to import larger quantities. Canada emerged as the top destination for U.S. farm goods in 2024, underscoring the strength of North American agricultural trade relationships. While the increase in export volume reflects strong global demand, the revenue dip highlights the impact of fluctuating commodity prices on the U.S. agricultural sector. Moving forward, farmers and exporters will be closely monitoring market conditions to determine how pricing trends and trade policies might shape 2025’s export outlook.
Sabrina Halvorson
National Correspondent / AgNet Media, Inc.
Sabrina Halvorson is an award-winning journalist, broadcaster, and public speaker who specializes in agriculture. She primarily reports on legislative issues and hosts The AgNet News Hour. She was recently named the 2024 Farm Broadcaster of the Year by the National Association of Farm Broadcasting and serves as a Council Member on the World Agriculture Forum. Sabrina is a native of California’s agriculture-rich Central Valley and now divides her time between California and North Dakota.