Destinations of U.S. agricultural exports have shifted over last quarter century
The United States is the world’s second largest agricultural trader after the European Union. U.S. agricultural exports have grown significantly over the last quarter century, from $46.1 billion in 1994 to $136.7 billion in 2019. The elimination of agricultural trade barriers as a result of the 1994 North American Free Trade Agreement (NAFTA)—superseded by the United States-Mexico-Canada Agreement (USMCA) in July 2020—nearly quadrupled exports (by value) to Canada and Mexico. Coinciding with policy developments, rising household incomes and changing trade policies in developing East and Southeast Asia have driven export growth, especially for China, whose share of U.S. agricultural exports more than quadrupled from 3 percent during 1994-2000 to 14 percent during 2010-19. Meanwhile, there has been a sharp decline in the share going to Europe and high-income East Asia, particularly Japan. These charts are drawn from the Economic Research Service product, U.S. Agricultural Trade at a Glance.
This Chart of Note was originally published on Wednesday, July 29, 2020.
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