U.S. agricultural import values outpaced export values again in 2024

The U.S. agricultural trade balance was positive for nearly 60 years until 2019, when it shifted to a deficit. Despite record agricultural imports and exports in 2021–22, imports exceeded exports by $21 billion in 2023. Between 2014 and 2024, U.S. agricultural exports grew at 1 percent annually—hindered by competition, a strong dollar, and trade barriers—while imports rose 6 percent during that time. U.S. agricultural import growth has been driven by a strong U.S. economy, favorable exchange rates, and rising consumer demand. Much of this demand is for high-valued imports like fruits and vegetables, alcoholic beverages and processed foods. Such goods often can’t be easily or economically produced in the United States, such as tropical products or off-season produce.