American Peanut Council in South Korea and U.S. Ag Imports Outpace Exports

American Peanut Council in South Korea and U.S. Ag Imports Outpace Exports

Bob Larson
Bob Larson
From the Ag Information Network, this is your Agribusiness Update.

**The American Peanut Council is in South Korea this week as part of the USDA’s agribusiness trade mission. reports, APC is part of the mission to Seoul, led by USDA’s Foreign Ag Affairs Under Secretary Alexis Taylor.

APC Senior Director of International Programs, Peter Vlazakis says we view this as a tremendous opportunity to meet with potential importers and processors.

South Korea is the eleventh largest market for U.S. peanut exports.

**USDA’s Economic Research Service reports U.S. ag IMPORTS exceeded exports by $16.6 billion in 2023.

For nearly 60 years, U.S. agricultural trade maintained a surplus, but shifted to a deficit in 2019.

From 2013 to 23, import values increased at a compound annual growth rate of 5.8%, and exports grew 2.1%.

USDA says the U.S. consumer’s growing appetite for high-valued imported goods has contributed to the expanding trade deficit.

**Mexican corn imports are expected to rise during the 2024-25 marketing year amid increased demand.

USDA’s Foreign Ag Service says corn imports are forecast to increase 5% year-over-year to 22 million tons to meet the

Mexican government’s forecast of an increasing demand for starch and animal food production.

Mexico is the world’s second-largest grain importer behind only China.

The U.S. accounts for more than 85% of Mexico’s corn imports.

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