Tuesday, June 3, 2008

World Demand Fuels Exports

container ship grain tradeAccording to a new USDA report (pdf), agricultural exports are expected to reach a record $108.5 billion for fiscal 2008.

The projections mark a $7.5 billion increase from February's previous record forecast and are $26.5 billion above final 2007 exports.

Announcing the new numbers, Agriculture Secretary Ed Schafer said:
“America’s increased export volume in bulk commodities like corn, other animal feeds and soybeans make agriculture the bright spot in the overall balance of trade.

U.S. producers are on track to export a record 63 million tons of corn, and set new export volume and value records for pork.

Export volumes and values are also up for many horticultural products with sales growth to Canada and the European Union being exceptionally strong.”
Grains and animal products exports account for two-thirds of the gains according to the new report.

Source: USDA, Outlook for US Agricultural Trade, May 2008 (pdf)

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