Agricultural News
US Ag Exports to Edge Higher in Current Fiscal Year- Predicted at $134 Billion as Bulk Commodities Hit Record Levels
Thu, 01 Dec 2016 06:03:25 CST
Agriculture Secretary Tom Vilsack today issued the following statement on the forecast for U.S. agricultural exports in fiscal year 2017.
"U.S. farmers and ranchers continue to rise to the challenge of supplying the world with high-quality, American-grown products. At a projected $134 billion in 2017, U.S. farm exports continue to rally and remain on the record-setting pace of the past eight years. Since 2009, the United States has exported more than $1 trillion in agricultural products, far more than any other period in our history, thanks to the productivity and ingenuity of American farmers and ranchers, aided in part by the work of USDA's Foreign Agricultural Service to arrange and support trade missions and of the Animal and Plant Health Inspection Service to break down trade barriers.
"The $134-billion forecast represents an increase of $4.3 billion from 2016 and would be the sixth-highest total on record. U.S. agriculture is once again expected to post a trade surplus, totaling $21.5 billion, up nearly 30 percent from the $16.6 billion surplus in 2016.
"The expected volume of 2017 exports is noteworthy, with bulk commodity exports expected to surpass last year's record levels - led by soybeans at a record 55.8 million metric tons, and corn, up 11 percent from last year, to 56.5 million metric tons. The volume of cotton exports is expected to begin recovering and most livestock and poultry products should see moderate increases in export volume as well.
"Exports are responsible for 20 percent of U.S. farm income, also driving rural economic activity and supporting more than one million American jobs both on and off the farm. Earlier today, USDA's Economic Research Service (ERS) released the Farm Income and Financial Forecasts for 2016, demonstrating the strength and resilience of the farm economy in the face of challenging markets, in large part due to the contribution of exports. Over the past eight years, USDA has worked to boost export opportunities for U.S. agricultural products by opening new markets, pursuing new trade agreements, enforcing existing agreements, and breaking down barriers to trade.
To view the complete updated ag export forecast from USDA, click here.
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