US ag exports continue to set blistering pace for FY 2021
The US Department of Agriculture's Quarterly Trade Forecast shows US agriculture exports continuing their record setting pace for the rest of 2021 and sustain their growth into 2022.
31 August 2021
2 minute read
The FY 2021 forecast of $173.5 billion is $33.8 billion, or 24% higher than the FY 2020 final total and nearly $17 billion above the previous record set in FY 2014. Factors underpinning the increase include record volume and value of corn exports, record volume of soybean exports, strong demand from China, and reduced foreign competition.
Commenting on the recently-released forecast, USDA Secretary Tom Vilsack said:
“As we work to build back better, exports remain a vital engine spurring growth in the US economy. America’s farmers, ranchers and processors are the world’s best and global demand for their products is a testament to their quality, safety and commitment to sustainability and has led to a projected new record in US agricultural exports,” said Agriculture Secretary Tom Vilsack.
Looking ahead to FY 2022, US farm and food exports are projected at a record $177.5 billion, topping 2021’s forecasted level by $4 billion. This increase is primarily driven by expected record exports of soybeans, horticultural products, dairy products and sorghum. Exports to China are forecast at a record $39 billion due to higher soybean prices and strong demand for sorghum and cotton. China is expected to remain the United States’ largest export market, followed by Canada and Mexico.
“Simply put, agricultural trade is all about opportunities – for our agricultural producers, our rural communities and the American economy as a whole, as well as for the global customers who value quality, cost-competitive US farm and food products,” Vilsack said.
“Each $1 billion in US agricultural exports stimulates another $1.14 billion in domestic economic activity and supports more than 7,700 full-time civilian jobs throughout the US economy. That means that more than 1.3 million jobs, not just on the farm but in related industries such as food processing and transportation.”
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