A 10% lift in agricultural exports was recorded by the US in 2022, with the total value of traded goods from the farm sector hitting $213bn (€198bn).

The level of farm-related exports was up $21bn (€19.5bn) on the 2021 total of $192bn (€178.5bn).

The agricultural sector accounted for 7% of the US’s overall exports of goods and services, which topped $3tn or €2.8tn.

The lift in export values was driven primarily by increased commodity prices, as overall traded volumes across the main product categories was back on 2021 levels.

Meat exports back

For example, meat exports were back 1%, while the traded volumes of crops were down more than 5%.

China remains the leading destination for US farm-related exports, followed by Canada, Mexico and Japan.

Sales to the Asian giant accounted for almost one-fifth of US farm-related exports, with Canada, Mexico and Japan taking 16%, 14% and 8% respectively.

Trends in the farm sector were mirrored across the US economy, with Sino-American trade hitting a record high last year, despite the increased tensions between the global powers.

Overall trade between the world’s two biggest economies totaled $690bn (€642bn) last year.

Imports

US imports from China increased to $537bn (€500bn), with American exports to China increasing to $154bn (€143bn).

The difficult relations between the US and China hit a new low last week when the American military shot down a Chinese balloon off the Carolina coast.

The US claimed the balloon was spying on sensitive military sites, while the Chinese claimed it was a weather balloon that had drifted off course.

Despite the political tensions, market analysts maintain that the most recent trade figures confirm the growing interdependence of the US and Chinese economies.