Over the last two decades, the United States has significantly increased agricultural exports and imports. Between 2013 and 2023, agricultural exports expanded at a compound annual growth rate of 2.1 percent, whereas imports increased by 5.8 percent. Classified as the world’s second largest agricultural trader, the United States’ total agricultural exports reached $196 billion in 2022.
Despite removing technical barriers to trade and negotiating free trade agreements, U.S. agricultural exports declined by more than $17 billion during the last fiscal year and the deficit is projected to reach a record of $30.5 billion in fiscal year 2024. The Ninth Federal Reserve District, which includes North and South Dakota, was hit especially hard by the decline in exports, particularly in corn and soybean exports, which were down 25 percent in 2023. This unsustainable, avoidable decline negatively effects American workers, farmers, and ranchers, and millions of jobs throughout the U.S. export supply chain.
U.S. Senator Kevin Cramer (R-ND) joined U.S. Senator John Thune (R-SD) in sending a letter to Secretary of Agriculture Tom Vilsack and U.S. Trade Representative Katherine Tai, expressing concerns over the widening deficit in the trade of agricultural goods. The letter asks the Biden administration about its plan to increase U.S. agricultural exports in 2024 and whether it intends to pursue new trade agreements with countries to obtain greater global market access for agriculture products in 2024.
Additionally, the letter asks the administration to “analyze and consider the relationship between U.S. competitiveness and market share in foreign agricultural markets with negotiated tariffs, tariff rate quotas, and other market access provisions.”
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Categories: North Dakota, Crops, Corn, Soybeans