U.S. farm exports set back-to-back records, climbing to $152.5 billion in just-ended fiscal 2014, said the Agriculture Department, up 8 percent from the mark set one year earlier. The tally, based on trade data collected by the government, matched the forecast made by USDA in August. High commodity prices and strong foreign demand for U.S. farm goods propelled exports to record levels in three of the past four years.
Agriculture Secretary Tom Vilsack said in a statement the 41 percent rise in export value over the past five years “demonstrates an increasing global appetite for high-quality, American-grown products.”
Exports are forecast by USDA to fall by 5 percent, or $8 billion, during this fiscal year. Commodity prices are sharply lower than the records set in 2012 and there are bumper crops around the world. China, with $25 billion in purchases, is expected to again be the No 1 customer.