Value of U.S. agricultural exports forecast to reach record high in 2021
After reaching a 5-year high in 2020, the value of U.S. agricultural exports is forecast to reach an all-time high in fiscal year (FY) 2021, which ends September 30. Led by strong shipments of corn and soybeans, as well as livestock, poultry, and dairy products, total export values are projected to reach $164.0 billion. Based on trade data to date and expectations for reduced competition from Brazil, which has intensified already strong demand, U.S. corn exports are forecast to reach record levels totaling $17.2 billion in FY 2021. Likewise, expectations for continued robust export demand of U.S. soybeans in FY 2021, mainly from China, support a record-high export value of $28.9 billion. Since 1996, U.S. agricultural exports have nearly tripled because of a range of factors, including China’s joining the World Trade Organization in 2001 and the advent of the North American Free Trade Agreement in the mid-1990s (succeeded by the United States–Mexico–Canada Agreement). Like exports, in FY 2021, imports are projected to reach an all-time high, largely driven by observations of surging imports to date of fresh and processed fruits and vegetables, as well as alcoholic beverages. This chart is drawn from data in USDA, Economic Research Service’s Outlook for U.S. Agricultural Trade, May 26, 2021.
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