U.S. Ag Exports Soar to 3rd Highest Level on Record11/20/2017
U.S. agricultural exports totaled $140.5 billion in fiscal year 2017, climbing nearly $10.9 billion from the previous year, Perdue said. The U.S. agricultural sector posted an annual trade surplus, which reached $21.3 billion, up almost 30% from last year’s $16.6 billion. U.S. agriculture has had a trade surplus for more than 50 years.
“U.S. agriculture depends on trade. It is great to see an increase in exports and we hope to open additional markets to build on this success,” Perdue said. “I’m a grow-it-and-sell-it kind of guy. If American agricultural producers keep growing it, USDA will keep helping to sell it around the world.”
China finished the fiscal year as the United States’ largest export customer, with shipments valued at $22 billion, followed closely by Canada at $20.4 billion. U.S. 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).
U.S. bulk commodity exports set a volume record at 159 million metric tons, up 11% from FY 2016, while their value rose 16% to $51.4 billion. The surge was led by soybean exports, which reached a record 60 million metric tons, valued at $24 billion. Exports of corn, wheat and cotton all grew as well, with the value of cotton exports climbing 70%, to $5.9 billion, wheat exports up 21% to $6.2 billion, and corn exports up 6%, to $9.7 billion.
Exports are responsible for 20% of U.S. farm income, also driving rural economic activity and supporting more than one million American jobs both on and off the farm.
Complete FY 2017 (Oct. 2016-Sept. 2017) agricultural export data are available from the Global Agricultural Trade System (GATS) database: https://apps.fas.usda.gov/gats/.
Source: Farm Futures