May 30, 2008

Value of US agricultural exports to Asia expected to up 32 percent in 2008 
 
 

US agricultural exports to Asia is expected to hit a record US$38.7 billion in 2008 thanks to increased soy exports to China, according to  USDA's "Outlook for US Agricultural Trade" released   May 29, 2008.

U.S. agricultural exports to Asia in 2008 are forecast at a record $38.7 billion, up 32 percent US$9.4 billion higher than 2007.

Over half of the revision is due to stronger than expected late-season soybean shipments to China (up $2.1 billion). Exports are raised to
South Korea (up $700 million), Japan (up $400 million), and Taiwan (up $300 million ) with higher grain values, larger shipments of soy oil and pork, and larger shipments and values for dairy and horticultural products.

For 2008, Asia is expected to account for about 36 percent of total U.S. agricultural exports, roughly the same as its share in 2007.

U.S. exports to China are forecast to reach a record $10.5 billion, almost $3.4 billion above 2007 levels, with soy accounting for most of the increase.

China continues to be the world's largest and fastest growing soy importer, accounting for nearly half of US soy shipments.

Meanwhile, US exports to Japan are forecast to reach $11.4 billion in 2008, up US$400 million from the previous forecast thanks to higher expected grain and oilseed values in 2008.

Japan is a major export market for US high-value products such as meats, dairy products which are seeing high demand.

Fiscal 2008 exports to Southeast Asia are forecast at US$5.8 billion, up US$1.5 billion from 2007 levels.

Wheat, soy, feeds and other high-value products such as dairy dominate US agricultural exports to Southeast Asia.