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U.S. Farm Exports to Decline 8% in 2023

Posted June 2, 2023
in Top Ag News

Due to ongoing global economic conditions, USDA expects farm exports to shrink 8% this year. The decline comes after record ag exports in 2022. The resulting loss equates to $15.4 billion, mainly impacting corn, cotton, beef and soybeans. USDA’s quarterly forecast pegs exports at $181 billion, sharply lower than the $196.4 billion in revenue last year.

Agency analysts say monetary conditions are tightening despite inflation slowing, with a GDP slowdown of less than 1%. China remains the largest U.S. ag customer but is expected to buy almost $2 billion less in U.S. farm exports this year. Mexico and Canada remain the second and third largest buyer.

Read more on USDA export forecasting here.

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