2023 U.S. peanut export value reaches record-high $889.5 million

February 29, 2024 (Alexandria, Va.)—The American Peanut Council today said total U.S. peanut exports for 2023 reached a record high value of $889.5 million, a 24% increase from the previous year. U.S. peanut export volume for 2023 reached 562,927 metric tons, up 18% from 2022.

Attributing a sharp increase in demand from Europe as the main factor behind the increase, APC said exports to Europe (excluding the UK) rose 148% by value and 117% by volume to reach $182 million and 110,756 metric tons. At the same time, Europe’s overall share of exports by value doubled year-over-year, rising from 10% in 2022 to nearly 21% in 2023, surpassing China to become the peanut industry’s third-largest export market.

“The American Peanut Council has been working diligently for many years to promote the benefits of U.S. peanuts and peanut products in Europe,” said American Peanut Council Senior Director of International Programs Peter Vlazakis. “We’re glad to see European traders recognizing their availability and versatility but realize that competition in this lucrative market will remain high.”

Mexico remained the top export destination for U.S. peanuts in 2023 with total shipments reaching a new high of $230 million and 155,532 metric tons. This represented the third consecutive year that shipments to Mexico achieved new record highs. Total exports to Mexico increased 8% by value and 4% by volume as compared to the previous year.

“Peanuts play a significant role in the Mexican culture,” continued Vlazakis. “From holiday celebrations to everyday street food and popular snacks, U.S. peanuts can be found throughout the country.

“On the other hand, our second largest export market, Canada, primarily uses U.S. peanuts for peanut butter, which is hugely popular for Canadian consumers,” continued Vlazakis.

Canada retained the title as the U.S. peanut industry’s second-largest export market with 2023 shipments totaling $218 million and 128,319 metric tons, up 5% by value but down 0.2% by volume.

Peanut exports to China increased 24% by value and 21% by volume to reach $98.5 million and 100,843 metric tons. China continues to be a huge market for U.S. inshell peanuts in particular, which are typically crushed for oil but can also be shelled and sold to snack and confectionary manufacturers.

Due largely to exchange rate fluctuations, shipments to Japan fell 17% by value and 20% by volume and totaled 16,084 MT valued at $30 million. This was offset by a rise in shipments to the UK, which increased 21% by value and 18% by volume to reach $29 million and 17,420 metric tons. Finally, exports to the rest of the world totaled $103 million and 33,973 metric tons, up 24% and 10% respectively as compared to the previous year.

In total, U.S. peanut butter was shipped to 100 different countries around the world in 2023, more than any other peanut product. “We all know there’s nothing more comforting than a peanut butter and jelly sandwich,” said Vlazakis. “And through APC export promotion work, we are introducing U.S. peanut butter to new demographics to broaden international use of the American staple.”

Lastly, exports of processed peanuts increased 29% by value and 25% by volume to $86 million and 32,557 metric tons. The 2023 peanut export numbers were sourced from U.S. Census Bureau data.

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