Ag Exports in FY '22
From the Ag Information Network, I’m Bob Larson. USDA Chief Economist Seth Myer says Ag exports are about to set a big record this fiscal year.
196 billion dollars, five billion more than expected in the fiscal year ending this month, as the U.S. exports more farm goods into a hungry world strained by tight supplies and high food prices …
MYER … “Far and away a record, building on the previous record set the previous year.”
Of almost 173 billion. But USDA Chief Economist Seth Myer tells USDA Radio imports are also soaring …
MYER … “Hereto that forecast was revised up by 11.5 billion to 192 billion dollars, the largest single-year jump in imports since 2011.”
But things could slow next fiscal year …
MYER … “The initial export forecast for fiscal year ’23 is for an export value of 193.5 billion. That’s about a 2.5 billion fall from 2022, and this is largely driven by lower volumes of cotton, beef and sorghum.”
Still …
MYER … “But still, a record export number, it would be the second largest on record.”
But USDA projects the U.S. next fiscal year will buy a new record 197 billion in Ag imports, turning an Ag trade surplus into a deficit of four billion dollars.
