US Agricultural Exports Forecast at Near Record Level

USDA's Foreign Agricultural Service (FAS) recently released an International Agricultural Trade Report which forecasts agricultural exports for fiscal year 2011 at the "second highest level ever at $113 billion."

The increase is partially due to "increased grain and feed shipments resulting from sharply reduced competition from Russia, Kazakhstan, and the Ukraine."  Exports for China are forecast at record levels, as China "surpasses Mexico to become the second largest U.S. market."  US exports of cotton are expected to increase 22 percent to "3.3 million tons due to a larger domestic crop and tight supplies held by foreign competitors."  Export levels for horticultural products, such as fruit, vegetables, and nuts are also expected to hit record levels at $6.2 billion and "exports to Canada, Japan, and the EU, should continue to expand."

"Much of the increase in exports in FY 2011 is expected to be headed to Asia (up $2.3 billion).  Strong demand for U.S. cotton should account for much of the increase in China (up $1 billion)" and exports of other products will contribute to the expected increase as well.

To read the full FAS Reports, click here.

Posted: 09/14/2010