March 5, 2007

USDA forecasts better agriculture exports this year
 

US Department of Agriculture Secretary (USDA) Mike Johanns has announced an increase in the forecast for agricultural exports to a record US$78 billion for fiscal year 2007.

Johans, in a USDA news release said, projections show 2007 exports would be up US$9.3 billion over last year, the second largest increase on record and the fourth year of back-to-back records.

Two-thirds of this increase, according to Johans, is due to grain and oilseed sectors as several trends are driving the rise in export value and keeping US competitiveness strong such as the burgeoning demand for corn due to ethanol. Reduced competition for wheat and the moderate growth in South American oilseed production also contribute to the increment.

Johans added the country is also expecting considerable growth and record sales for livestock and horticulture products. Livestock and poultry product exports are seen to increase US$1.2 billion, supported by higher meat volumes to many markets.

Rising sales of processed products are driving a US$1.3 billion increase in horticultural exports, said Johans.