February 19, 2010

US agricultural trade surplus to take an upturn
 

 

The agricultural trade surplus for fiscal year 2010 is projected to increase to US$22.5 billion, USDA Under-Secretary Jim Miller said Thursday (Feb 18).

The new fiscal 2010 surplus estimate is US$2 billion higher than the government's previous estimate, which was issued in November, but down 3% from the final fiscal 2009 surplus of US$23.2 billion.

Exports of US agricultural products are expected to rise to US$100 billion, while imports are estimated at US$77.5 billion, Miller said at the USDA's annual Agricultural Outlook Forum.

In November, the government had estimated 2010 agricultural exports at US$98 billion. Imports were pegged at US$77.5 billion in November.

"Global economic recovery and health commodity prices are supporting exports," the USDA's Economic Research Service said in a report detailing the trade outlook. Expectations for continued strong soy exports contributed to the increased export estimate, Miller said.

Demand for US soy from China should continue to be strong in fiscal 2010, he said.