USDA Expects Increase in Agricultural Exports

The US Department of Agriculture (USDA) expects agricultural exports to increase 5.1 percent to $113 billion in the federal fiscal year ending in September 2011, according to the Wall Street Journal.

An important factor in this forecast is that the drought in Russia "will allow U.S. farmers to export $8.1 billion worth of wheat" during this fiscal year, which is a increase of 35 percent from USDA's "revised fiscal 2010 forecast of $6 billion."

Agriculture "is one of the only major sectors of the American economy with a trade surplus - expected to be $30.5 billion this year" according to a statement by Secretary of Agriculture Tom Vilsack.  USDA also expects to sustain this increase.

Secretary Vilsack stated, "Increased agricultural exports - especially of grains and meat - have helped drive this rebound.  It helps create income opportunities for producers as well as the off-farm jobs that are so critical for strengthening economies in rural America.  In fact, every billion dollars in agricultural exports supports over 8,000 jobs and generates an additional $1.4 billion in economic activity."

To read the Wall Street Journal story, click here.
To read the Statement by Secretary Vilsack, click here.

Posted: 09/01/2010