US Food Exports Worth $178 Billion in 2023

This US food export sector includes agriculture, food products, and related industries. In 2023, these sectors contributed approximately $1.530 trillion to the United States' gross domestic product (GDP), or 5.6% of GDP. The output of American farms accounted for $203.5 billion of this total or roughly 0.7% of GDP. This represents only 5% of the total GDP. Although this may seem like a small amount at first glance, the fact that the percentage translates to $1.109 trillion illustrates just how large and profitable the US food industry is, with a significant portion of US land and resources devoted to growing crops and producing food products. 

The United States exported about $178 billion worth of food products globally in 2023, an 11% decline from the record set in 2022. The US food exports are projected to drop to $170.5 billion in 2024.

Specifically, exports of corn and soybeans decreased by 25% in 2023, resulting in a $14 billion decline. Typically, these two commodities make up more than 25% of the overall value of food exports from the United States. In this article, we will gain insights into the US food export industry in detail along with the top US food exports in 2023.

Top 10 Biggest US Food Exports in 2023

The biggest and the major top 10 US food exports in 2023 include:

1. Soybeans ($28 billion)

Among the top food exports from the US is soybean. The Midwest is where most soybeans are grown. The US produced soybeans at a quantity of 48.71 million tons. Other types of food products are also produced with the crop. The US exports the most soybeans to China ($15.16 billion) in 2023. The 4-digit HS code for Soybeans is 1201. 

2. Corn ($13.68 billion)

In the US, corn grows abundantly. This is why it’s number two on the list of major US exports. The US corn production in 2023 was 45.94 million tons. Both unprocessed and processed corn products, such as high-fructose corn syrup, are exported. The US exports the most corn to Mexico ($5.47 billion) in 2023. The 4-digit HS code for corn is 1005. 

3. Nuts ($8.07 billion)

Almonds, walnuts, pistachios, and other nuts are just a few of the popular food exports from the USA. Europe and Asia (China and India) are the main exporting nations. The US produced nuts with a total quantity of 1.66 million tons in 2023. The largest provider to the worldwide nut industry is the United States. The US exports the most nuts to India ($1.09 billion) in 2023. The 4-digit HS code for nuts is 0802. 

4. Dairy products ($6.66 billion)

In the US, dairy products mostly relate to goods made from cow's milk. But occasionally, eggs are also included in this group. The US has experienced a rise in dairy output over time. This was a relief for the nation's economy during the pandemic. The US exports the most dairy products to Mexico ($2.37 million) in 2023. The 2-digit HS code for dairy products is 04.

5. Wheat ($6.13 billion)

A wide variety of wheat is grown in the US in various locations and areas. It's another significant export good. The US produced wheat at a quantity of 17.94 million tons in 2023. The US exports the most wheat to Mexico ($1.07 billion) in 2023. The 4-digit HS code for wheat is 1001. 

6. Pork ($6.04 billion)

The most common meat produced in the US is pork. Nearly one-third of all pork produced in the country was exported in 2023. The US produced pork at a quantity of 2.17 million tons in 2023. Experts estimate that the US Gross Domestic Product is boosted by the pork business by about $23.4 billion. The US exports the most pork to Mexico ($1.98 billion) in 2023. The 4-digit HS code for pork is 0203. 

7. Poultry ($4.88 billion)

In the past, the US poultry business has come under fire for raising huge chickens for export by utilizing hormones and antibiotics. The US production of poultry had a total quantity of 3.75 million tons in 2023. Stricter laws have been implemented in recent years to guarantee the health of poultry and farming methods. The US exports the most poultry to Mexico ($993.60 million) in 2023. The 4-digit HS code for this commodity is 0207. 

8. Beef ($4.39 billion)

Beef is the US's second-largest meat export after pork. The US beef production totaled 406 thousand tons in 2023. The majority of the nation's beef cattle are raised by farmers in Texas, Oklahoma, and Missouri. The US exports the most beef to South Korea ($965.07 million) in 2023. The 4-digit HS code for beef is 0201. 

9. Vegetable Oils ($2.74 billion)

Another significant US export is food oils. Soybean oils are the most popular edible oil that the nation produces and exports. It is also known as ‘vegetable oil’ for individuals who don’t recognize the phrase ‘soybean oil’. The US exports the most vegetable oils to Canada ($918.56 million) in 2023. The 2-digit HS code for vegetable oils is 15.  

10. Cereal Grains ($131.96 million)

The nation's main cash crop is grain. From the top grains - oats, barley, and sorghum are the significant ones. The US produced cereal grains at a total quantity of 197.56 thousand tons in 2023. Both their raw and milled forms are exported to produce a variety of other goods. The US exports the most cereal grains to Mexico ($72.46 million) in 2023. The 4-digit HS code for cereal grains is 1104. 

US Food exports by country: Top 5 food export partners of the US

The major food export partners of the US in 2023 include:

• China: $33.7 billion 

• Mexico: $28.2 billion 

• Canada: $27.9 billion 

• European Union: $12.3 billion 

• Japan: $12.2 billion

Biggest Food-Exporting Companies in the USA

The top US food exporter companies in the US with their annual revenues in 2023 include: 

1. PepsiCo Inc. ($91.471 billion)

2. Mars Inc. ($45 billion)

3. Mondelēz International ($36.016 billion)

4. The Kraft Heinz Co. ($26.485 billion)

5. General Mills Inc. ($20.094 billion)

6. Conagra Brands Inc. ($11.53 billion)

7. The Hershey Co. ($11.16 billion)

8. Campbell Soup Co. ($9.36 billion)

9. Nestle SA. ($8.2 billion)

10. Tyson Foods Inc. ($2.63 billion)

The Reason Why 2024 is a Good Year for US Food Exports

The US Department of Agriculture's quarterly trade projection indicates that the nation's agricultural exports continued to rise at a record-breaking rate in FY 2023. However, records for the fiscal year 2024 are probably going to surpass the one from the year before. Future forecasts indicate that US agricultural and food exports will surpass a record $177.5 billion in FY 2024-25. This surpasses the revenue projections from the prior year by an astounding $4 billion. The increase in soybean, sorghum, dairy, and horticulture product exports is credited. The rising cost of soybeans is expected to result in $39 billion in export revenue. Additionally, sorghum and cotton are in high demand. China remains the United States' largest food export market, followed by Mexico and Canada.

US food exports in the last 10 years

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US grain exports are forecasted to rise further

• It is anticipated that US grain exports will rise by 12% in 2024, primarily due to a recovery in maize shipments and normal Mississippi River water levels.
• Comparing the 349,636 tons recorded the week before to the 398,233 tons in the week ending August 15, export inspection of US soybeans increased by 13.9%.
• The US corn inspection for the week amounted to 1.17 million metric tons, according to the Department of Agriculture's most recent weekly report. The same is an increase from 986,183 tons last week and 510,599 tons at the same time last year.
• The USDA said that wheat inspections decreased from the week before. This week's total of inspections was 347,519 tons, compared to 666,662 tons the week before.

Conclusion

In conclusion, US food exports play a crucial role in the global food market. With a variety of products, a strong agricultural enterprise, and a developing demand for food commodities around the sector, the USA is properly located to continue to be a primary player in the international food trade. By addressing challenges and capitalizing on opportunities, US farmers and food producers can help to ensure a rich future for the US food export enterprise.

Also read about :- 

US Export Data

US Oil Exports

Top 10 US Main Exports in 2024

US Soybean Exports