September 6, 2007

US beef exports seen up in 2008 

The US Department of Agriculture (USDA) predicted that US beef exports in fiscal year 2008 would reach US$83.5 billion as overseas sales reached a record US$79 billion in fiscal year 2007.

The forecasts eclipse the old record of $68.6 billion set last year.

USDA forecast record sales in 2008 in areas including livestock products, bulk grains and cotton. Beef exports are expected to increase US$400 million due to larger volume.

Agriculture Secretary Mike Johanns said the spike was due to US' trade agreements with other countries and beef exports will have more access in some extremely important markets if Congress ratifies the recently signed free trade agreements with Colombia, Korea, Panama and Peru.

Imports for fiscal year 2008 are forecast at US$75 billion, up US$4.5 billion from the 2007 estimate, making for an US$8.5 billion trade surplus in 2008.