Ag Exports in FY '22

Ag Exports in FY '22

Bob Larson
Bob Larson
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.

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