The value of U.S. agricultural and related export products during the first three quarters of 2023 declined 12% to $138.7 billion compared with last year. At the same time, the U.S. import value of those commodities dropped 12% to $185.3 billion year-over-year. With higher imports than exports the net trade value was negative (see Table 1).

Table 1. U.S. Trade of Agricultural and Related Products (Billion USD, Calendar Year)

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Figure 1 shows the values of U.S. exports and imports by commodity group. None of the commodity groups surpassed last year’s estimated values of exports or imports. U.S. export value of bulk commodities ($42 billion) declined the most at 23% compared with the same period last year. In terms of imports, the value of Ag-related products ($38 billion) fell the most at 26% year-over-year.

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Figure 1. Value of U.S. Agricultural & Related Products: Exports and Imports by Category (Jan-Sep of 2022 & 2023)

The selected commodities included in Table 2 made up 49% and 47% of the value of U.S. agricultural & related products exports during January to September of 2022 and 2023, respectively. Soybeans ($16.3 billion) and corn...