Impact of COVID-19 on Agriculture

Record-High Agricultural Exports in May 2018

Market Intel / July 6, 2018

Data recently released from USDA Foreign Agricultural Service's Global Agricultural Trade System indicates that U.S. farmers and ranchers exported a record $12.3 billion of agricultural products to 174 countries during May 2018, up 15 percent from prior-year levels.

The top markets for U.S. agricultural products in May were Canada ($1.9 billion), Mexico ($1.7 billion), Japan ($1.2 billion), South Korea ($813 million) and China ($720 million). Exports to Canada and Mexico were up 1 percent and 5 percent from prior-year levels, respectively. Japan and South Korea exports were up 10 percent and 20 percent, respectively. Finally, exports to China were down 6 percent compared to prior-year levels. However, Chinese oilseed exports were up 38 percent from May of last year.

Oilseeds and oilseed product exports were up 74 percent to $2.3 billion, and were record high for May. Grain and feed exports were up 14 percent at $3.1 billion. Cotton exports were up 24 percent to $789 million. Horticultural product exports were unchanged at $2.8 billion. Livestock and meat exports were up 7 percent to $1.7 billion. Finally, dairy product exports were up 1 percent to $505 million.

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John Newton, Ph.D.
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