Market News & Headlines >> U.S. Ag Exports Set Record
The value of U.S. agricultural exports for fiscal 2014 (October-September) hit a record $152.5 billion, surpassing the previous high of $141 billion from 2013 by 8.2%, USDA said on Wednesday.
U.S. grain and feed exports were up 16% in value from a year earlier to $36.7 billion and soybean exports jumped 17% to $24.2 as they rebounded from the 2012 drought on bumper 2013 crops. For grains, a 99% jump in corn exports more than offset declines in wheat and rice shipments.
The value of U.S. exports of red meats and products was up 11.3% to nearly $14.1 billion, while dairy product exports surged 21% in value to $7.5 billion. Total exports of major bulk products jumped 14% on the year to $52.8 billion, while exports of high-value products rose 5% to $99.8 billion.
"Agricultural exports have climbed 41 percent in value over the past five years. U.S. agricultural exports have increased in volume as well as in monetary value, which demonstrates an increasing global appetite for high-quality, American-grown products," said USDA Secretary Tom Vilsack in a press release.
The final 2014 export total was in line with USDA's most recent forecast, made in August. Final U.S. agricultural imports for fiscal 2014 were $114.8 billion, up 5 percent on the year, giving the nation an agricultural trade surplus of almost $38 billion.
USDA forecasts the value of U.S. export sales will decline to $144.5 billion in 2015, primarily reflecting lower commodity prices.