This year and next year are looking to break records when it comes to U.S. agricultural exports.
USDA is out with its new ag export forecast for both this year and next, and it’s showing exports could hit $173.5 billion in 2021, which is $4 billion more than 2020. Experts say it’s due to higher livestock, poultry and dairy exports.
For 2022 exports values could reach $177.5 billion due to growth in dairy and poultry exports.
“Producers are facing what’s really good domestic and export demand, says Seth Meyer, USDA Chief Economist. “This is how you get a signal for producers to enhance, expand, production, you know, exports have certainly have a job multiplier when we think about what we send overseas. I think it’s a good sign that folks love and want american agricultural products, even as prices rise, as they come in for more.”
The U.S. will also buy more foreign ag products but the U.S. ag trade surplus is expected to continue to grow.
“Producers are facing what’s really good domestic and export demand,” says Meyer. “This is how you get a signal for producers to enhance, expand, production, exports have certainly have a job multiplier when we think about what we send overseas. I think it’s a good sign that folks love and want american agricultural products, even as prices rise, as they come in for more.”
