The U.S. Department of Agriculture’s (USDA) Economic Research Service (ERS) increased its agricultural exports forecast by $6.9 billion since the last Outlook for U.S. Agricultural Trade report was released in February. A record export value of $149.5 billion is projected.
The 2014 export forecast for livestock, poultry and dairy was raised by $600 million to a record $32.2 billion. According to the report, increases in dairy and beef exports offset the declines in pork and poultry.
The report also raises the forecast for 2014 corn exports, oilseeds and product exports.
Fiscal years 2009 to 2013 represent the strongest five years in history for agricultural trade, according to U.S. Secretary of Agriculture Tom Vilsack.
“American farmers and ranchers are on track for another year of record exports, which builds on the past five years of the strongest agricultural trade in our history. This report indicates that the volume of U.S. agricultural exports has increased, which demonstrates an increasing global appetite for high-quality, American-grown products,” he said.