Higher commodity prices and increased demand for U.S.-grown goods fueled an 8 percent rise in farm exports to $140.5 billion in fiscal 2017, said Agriculture Secretary Sonny Perdue, two weeks ahead of the USDA’s usual year-end report. As forecast in August, farm exports were the third-highest on record and ended a two-year decline.
“It is great to see an increase in exports and we hope to open additional markets to build on this success,” said Perdue in a statement. “U.S. agriculture depends on trade.” Exports provide 20 percent of U.S. farm income.
The sales total for fiscal 2017 was $700 million higher than USDA forecast in a quarterly “outlook” in August. In that report, USDA economists estimated sales in fiscal 2018, which opened on Oct. 1, would be nearly the same as in 2017 and could be the fifth-highest on record at $139.0 billion. The record for ag exports is $152.3 million in fiscal 2014, followed by $141.1 in fiscal 2013, $140.5 billion in fiscal 2017 and $139.8 billion in fiscal 2015.
China regained the No. 1 spot for export purchases at $22 billion, dislodging Canada, which tallied $20.4 billion. Mexico was third with $18.6 billion, followed by Japan with $11.8 billion.
The USDA fiscal 2017 export data are available here. The quarterly Outlook for U.S. Agricultural Trade, with a tally for fiscal 2017 sales and updated forecast for fiscal 2018 trade, is scheduled for Nov 30.