USDA forecasts record ag exports for FY '22

Legislative Watch: Vietnam to reduce tariffs on pork, corn and wheat; Hours-of-service exemption extended; Product of the USA label

 

P. Scott Shearer, National Hog Farmer 

Sep 03, 2021

 

USDA is forecasting a record $177.5 billion in U.S. agricultural exports for fiscal year 2022, according to USDA's Economic Research Service's (ERS) latest quarterly "Outlook for U.S. Agricultural Trade." ERS expects higher export values for soybeans, cotton and horticulture products.

 

The forecast for FY '21 is $173.5 billion, an increase of $9.5 billion over the previous forecast.  This is due to higher livestock, poultry and dairy exports. The FY '21 exports are estimated at $17 billion higher than the previous record in 2014.

 

Secretary of Agriculture Tom Vilsack said, "As we work to build back better, exports remain a vital engine spurring growth in the U.S. 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 U.S. agricultural exports."

 

Projections for FY '22 U.S. agricultural exports include ...

 

·         Pork - $7.1 billion, down $100 million compared to FY '21 as "U.S. products face headwind in China."

·         Beef - exports forecast $100 million down to $8.3 billion on lower exportable supplies.

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Vietnam to reduce tariffs on pork, corn and wheat ...

 

Hours-of-service exemption extended ...

 

Product of the USA label ...

 

more

https://www.nationalhogfarmer.com/news/usda-forecasts-record-ag-exports-fy-22