January 14, 2011

US farm exports to set record

US farm exports in 2011 are expected to set a record high of US$126.5 billion, exceeding the previous record set in 2008, according to US Secretary of Agriculture Tom Vilsack.

US farm exports reached $114.9 billion a difference of $11.6 billion, and tops a strong fiscal 2010 by US$17.8 billion. Agriculture continues to be one of the only major sectors of the American economy with a trade surplus, expected to be US$41 billion in 2010.

"Today's forecast demonstrates that the demand for US food and agriculture around the world is stronger than ever," Vilsack said. "Sales are surging in China, Southeast Asia, North America and the Middle East. In fact, today's forecast sees China pulling within US$500 million of Canada, the United States' top export market in fiscal year 2011."

Vilsack said the projection is encouraging for rural Americans in general, given that each US$1 billion in exports supports 8,000 jobs.

"Things are looking good," concurred Spencer Neale, senior assistant director of commodity marketing for Virginia Farm Bureau Federation. "In 2009 Virginia had record agricultural trade figures of more than US$2.3 billion, which put us in the top ten among ag exporting states. We are on pace to meet those numbers again in 2010.

"Obviously we're uniquely positioned with the Port of Virginia in Norfolk, and by all indications demand for farm exports is only going to grow. The number of people worldwide to feed and clothe is only going to grow."