U.S. agricultural exports saw a significant boost in 2024, with total bulk shipments rising 22%—marking the largest annual increase in a decade. This growth was largely driven by lower commodity prices, which encouraged global importers to take advantage of affordable U.S. grain, oilseeds, and livestock products, according to a report by Reuters.
Export Trends and Pork’s Role
Pork exports, which contribute significantly to U.S. agricultural trade, benefited from strong global demand. The United States saw increasing shipments to top destinations, including Mexico, South Korea, and Japan. Notably, bulk agricultural exports to Mexico rose by 29%, while exports to South Korea more than doubled, up 107%—both record-breaking figures.
China remained the largest overall destination for U.S. bulk agricultural exports in 2024, accounting for 24% of total volume. However, shipments to China declined by 5% compared to 2023, hitting an 11-year low (excluding trade war years). The slowdown in Chinese demand has sparked concerns about shifting market dynamics, especially following recent tariff escalations.
Export Values and Market Impact
Despite higher volumes, U.S. agricultural export revenue was marginally up in 2024, totaling $191 billion—just short of the record $213 billion set in 2022. While bulk grain prices declined, livestock and meat exports, including pork and beef, performed well.
Higher pork and beef prices helped offset lower grain revenues, with total livestock, poultry, and dairy exports reaching $39.3 billion. These sectors accounted for 19% of total U.S. agricultural exports, demonstrating their importance in global trade.
2025 Export Outlook: Mexico and Canada Lead, China Declines
Looking ahead, the USDA’s Economic Research Service (ERS) forecasts U.S. agricultural exports to reach $170 billion in fiscal year 2025, a slight increase from previous projections. The livestock sector is expected to drive this growth, with pork, beef, and dairy exports continuing to expand.
Key projections include:
- Pork and livestock exports: Expected to rise due to improved global demand.
- Mexico & Canada: Forecast to remain the top two U.S. ag markets, with Mexico projected to reach $29.9 billion in imports (up $700 million) and Canada expected to hit a record $29.2 billion.
- China: Expected to decline to $23.3 billion, a $700 million drop from earlier USDA projections.
The rising demand from Mexico, Canada, and other importers signals strong opportunities for U.S. pork producers. However, industry leaders will be closely monitoring China’s market movements and global economic conditions that could impact trade in 2025.
For more updates on pork industry trends and market insights, stay tuned to Swine Web.
