U.S. agricultural import values outpaced export values in fiscal year 2023

The United States typically exports more agricultural goods by value than it imports, but the value of imports has grown more rapidly than exports over the past decade, contributing to a negative trade balance in some years. From fiscal years 2013 to 2023, U.S. agricultural exports expanded at a compound annual growth rate of 2.1 percent. During that same time, U.S. agricultural imports increased by 5.8 percent. The robust increase in U.S. demand for imports has been largely driven by the strong U.S. dollar and consumer preferences for year-round produce selections. The resulting agricultural trade balance was negative in 3 of the past 10 fiscal years.