The U.S. Department of Agriculture on Thursday released a report forecasting that the country’s agricultural exports will reach $149.5 billion, an estimated $6.9 billion higher than previous estimates and a new record, if realized.
USDA’s latest Outlook for U.S. Agricultural Trade report “indicates that the record growth is due not just to rising prices, which have driven export numbers in the past, but also to an increase in the volume of U.S. agricultural exports, which is projected to increase by 31 percent between fiscal years 2013 and 2014.”
Last fiscal year, U.S. agricultural exports reached $140.9 billion, while fiscal years 2009 to 2013 represent the strongest five years in the history of agricultural trade, with U.S. agricultural product exports totaling $619 billion over those five years, USDA said.
“USDA will continue to focus its efforts on tapping into new markets for what is grown and made in rural America,” stated U.S. Agriculture Secretary Tom Vilsack.
“Thanks to resources in the 2014 Farm Bill, USDA is able to continue support for trade promotion and market expansion for U.S. agricultural products overseas — programs that return $35 in economic benefits for every dollar invested. In addition, the administration’s Made in Rural America initiative, launched by President Obama at the 2014 Farm Bill signing, will further these efforts by helping rural businesses and leaders access federal resources to help them connect with new customers and markets abroad,” he added.
USDA forecasts ag exports to reach $149.5 billion
