November 23, 2023
US agriculture official highlights market diversification to drive growth in agricultural exports
US Agriculture Secretary Tom Vilsack announced on November 16 the next steps in the US Department of Agriculture's (USDA) efforts to bolster US agricultural trade, including the department's planned trade missions for 2024 and the opening of a public comment period for the new Regional Agricultural Promotion Program (RAPP).
These efforts will help to support further growth in US agricultural exports and introduce high-quality US agricultural products to new markets.
"Market diversification is an important tool for maximising growth opportunities for US agriculture, as well as hedging the risk of market contraction and general volatility in the global marketplace," said Vilsack. "USDA is committed to promoting export opportunities in non-traditional markets and ensuring that US agricultural commodities and products are available to diverse consumer groups around the world."
In October, Vilsack announced that the USDA will use US$1.3 billion from the Commodity Credit Corporation funds to establish RAPP, to bolster and diversify US agricultural export opportunities and strengthen support for specialty crop industries. This investment will enable US exporters to enter new markets and expand market share in current and growth markets.
On November 17, the USDA was to publish regulations for RAPP, which will be open for public comment for 30 days.
US agricultural exports totaled a record US$196 billion in 2022, following a record setting year in 2021. The USDA export promotion programmes support efforts to continue market expansion for US food and agricultural products. These programmes are just one tool that the USDA utilises to ensure market access.
The USDA also plans to build on earlier successes and highlight export opportunities in additional markets through a robust agribusiness trade mission schedule next year. It will lead trade missions to South Korea, India, Canada, Colombia, Vietnam and Morocco next year.
- USDA
