A new report released by the USDA-Economic Research Service last week offers a positive look at the export picture. The latest “Outlook for Agricultural Trade” report says that fiscal year 2010 exports are expected to rise to $104.5 billion. That’s up $4.5 billion from the February forecast and $7.9 billion above fiscal year 2009.
Meanwhile, agricultural imports are expected to drop to $76.5 billion, down $1 from the previous forecast.
The soybean export forecast contributed most to the improved overall trade forecast, with exports spurred by record U.S. soybean production and record early-season sales to China. Dairy, livestock and poultry exports are only forecast to rise slightly.
Asia is expected to surpass the Western Hemisphere as the largest regional market for U.S. exports.
The report offers the latest value and volume of U.S. agricultural exports, by commodity and region, as well as the agricultural trade balance and the import and export outlook.