U.S. farm exports will fall back to $190 billion this fiscal year, a drop of 4 percent from the record set in just-ended fiscal 2022, as economic growth slows in most countries, forecast the Agriculture Department on Tuesday. Soybeans, the No. 1 ag export, as well as cotton and corn would see the largest declines, jointly falling by 7 percent.
Although sales are forecast to dip this year, U.S. farm exports hit a record $177 billion during 2021, said Agriculture Secretary Tom Vilsack on Tuesday. The previous calendar-year record was $154.5 billion in 2014, at the end of the seven-year commodity boom.