USDA forecasts record exports, times two


USDA forecasts record exports, times two

The USDA expects U.S. ag exports to hit a record for 2021’s fiscal year and top it again in 2022.

In its August Quarterly Ag Export Forecast, the agency says exports in 2021 will top $173.5 billion, then increase to $177.5 billion the following year.

Driving the increase this year is improved demand for livestock, poultry, and dairy exports as well as adopting the World Trade Organization’s definition of “Agricultural Products.”  In 2022, USDA points to higher prices for soybeans, cotton, and horticultural products.

Ag Secretary Vilsack says every billion dollars the U.S. agricultural exports stimulates another $1.14 billion in domestic economic activity and supports more than 7,700 full-time civilian jobs.

China is expected to remain the top export destination, followed by Canada and Mexico.