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Record $108 Billion Agriculture Exports Forecast for 2008

Monday, June 2, 2008

(American Meat Institute)

U.S. Agriculture Secretary Ed Schafer has announced an updated quarterly forecast for U.S. agricultural exports - expected to reach a record $108.5 billion for fiscal year 2008.

 

The upward revision is a $7.5 billion increase from February's previous record forecast and $26.5 billion above the final 2007 exports. Grains and animal products account for two-thirds of the export gains. U.S. beef and pork exports are up 34 percent in the first quarter of 2008. 

 

Asia continues to be an important growth market for U.S. agricultural commodities. U.S. exports to China are forecast to reach a record $10.5 billion, up almost $3.4 billion from 2007 levels. Canada and Mexico remain the United States' top two markets worldwide with exports forecast to reach $30.5 billion in 2008 - some $5 billion above 2007.

 

While agricultural imports in two-way trade with the United States will also increase - to a record $78.5 billion forecast by USDA - the $108.5 billion in export sales by American farmers and ranchers will net a positive agricultural trade surplus of $30 billion for the United States.

 

USDA's Economic Research Service, Foreign Agricultural Service and World Agricultural Outlook Board release agricultural trade forecasts quarterly. The summary and full report of USDA's "Outlook for U.S. Agricultural Trade" may be accessed from the ERS web site at http://www.ers.usda.gov/ or the FAS web site at http://www.fas.usda.gov/ .

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