U.S. Ag Exports to Mexico and Vilsack Keynote at Commodity Classic
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**New data from USDA’s Economic Research Service shows Mexico accounted for nearly 14% of all U.S. agricultural exports between 2018 and 2022.
With a total value of $28 billion, Mexico is projected to be the United States’ second largest destination for U.S. ag exports in fiscal year 2022 and is forecast to reach 15% in 2023.
On average, Mexico purchased $6.5 billion in U.S. grains and feeds per year from 2018 to 2022.
**The National Restaurant Association's 2023 State of the Restaurant Industry report suggests more growth, labor challenges and rising costs for operators.
The report predicts the food service industry will reach $997 billion in sales in 2023, driven in part by higher menu prices.
Meanwhile, the food service industry workforce is projected to grow by 500,000 jobs, for total industry employment of 15.5 million by the end of 2023.
**Ag Secretary Tom Vilsack will be the keynote speaker tomorrow during the General Session at the 2023 Commodity Classic at the Orange County Convention Center in Orlando.
Secretary Vilsack will highlight USDA's efforts to create more, new and better markets; increase competition, lower costs, and add value; and create new revenue streams.
The General Session also includes panel discussions with leaders from the national organizations of soy, corn, wheat, sorghum, and equipment manufacturers.
