WASHINGTON, DC – Global demand for U.S. commodities hit a record in 2021 and according to USDA, agricultural exports this year will eclipse last year for a record $183.5 billion.
The new “Outlook for U.S. Agricultural Trade”, released during USDA’s annual Agricultural Outlook Forum, projects soybean exports to top $31 billion on higher prices and lower global supplies.
Cotton exports are expected to reach their second-highest level in history – $8 billion – on higher unit values.
Horticultural product exports are expected to reach a record $38.5 billion, driven by a record tree nut export projection.
With gains in beef and dairy offsetting declines in pork, livestock exports will also reach a record $39.2 billion and ethanol exports could be a new record as well at $2.9 billion.
China will be the top export customer, but Mexico will return as the second-largest ag market for U.S. sales, replacing Canada but agricultural imports could hit a new record of $172.5 billion.
(SOURCE: All Ag News)