December 5, 2017 

 

US agricultural exports in FY 2017 third highest on record

 

 

US agricultural exports in fiscal year 2017climbed nearly $10.9 billion to the third-highest level on record at $140.5 billion from the previous year, led by bulk commodity exports, which set a volume record at 159 million tonnes, up 11% from FY 2016, while their value rose 16% to $51.4 billion.

 

According to the US Department of Agriculture, China was the US' largest export customer, with shipments valued at $22 billion, followed closely by Canada at $20.4 billion. US agricultural exports to Mexico reached $18.6 billion, a 6% gain from last year, while exports to Japan grew 12% to $11.8 billion.

 

Rounding out the top 10 markets were the European Union ($11.6 billion), South Korea ($6.9 billion), Hong Kong ($4 billion), Taiwan ($3.4 billion), Indonesia ($3 billion) and the Philippines ($2.6 billion).

 

The bulk commodity exports' surge was led by soybean, which reached a record 60 million tonnes, valued at $24 billion. Exports of corn and wheat grew as well, with the value of wheat exports climbing 21% to $6.2 billion, and corn exports up 6% to $9.7 billion.

 

Several other products saw significant export increases too, with dairy exports growing 17% to $5.3 billion, beef exports 16% to $7.1 billion, and pork exports 14% to $6.4 billion.

 

Trade surplus

 

As it has done for well over 50 years, the US agricultural sector again posted an annual trade surplus, which reached $21.3 billion, up almost 30% from last year's $16.6 billion.

 

Exports are responsible for 20% of US farm income, also driving rural economic activity and supporting more than one million American jobs both on and off the farm.

 

US agricultural export forecast for FY 2018 is slightly less than this year's exports, at $140 billion, which should be the fourth-best year in history.

 

Agriculture's trade surplus is expected to grow 8% from last year to $23 billion in 2018.

 

"Much of this expected success can be attributed to robust sales to our East Asian and North American trading partners. China is again shaping up to be our top market, led by continued strong soybean sales, while Canada and Mexico remain our second- and third-largest markets, respectively", US Agriculture Secretary Sonny Perdue said.-Rick Alberto