KANSAS CITY, MO – If nothing derails the train, U.S. agricultural exports are on track to reach an all-time high this fiscal year (FY2022).
According to the Economic Research Service (ERS), the higher shipments of grains, oilseeds, livestock, poultry, and dairy products are primarily driving the increase in value.
Total export values are projected to reach $177.5 billion between now and the end of next September (2022), up from the previous high of $173.5 billion last year (FY 2021).
Grains and feeds export values are projected up from their 5-year average, reflecting higher international demand for corn, wheat, and feed.
Oilseeds are projected to reach a record $43.5 billion as international demand coupled with higher prices is projected to drive U.S. exports.
Soybean meal exports also are projected to reach record value.
Livestock, poultry, and dairy exports, which have averaged $29.5 billion over the past 5 years, are forecast to rise to $36.8 billion, led by a rise in export value for all product groups except pork, with especially strong exports in beef and dairy.
Higher prices and higher traded volumes for many commodities along with the reconciliation of trade disputes all contribute to the growth in export value.
(SOURCE: All Ag News)
