The Department of Agriculture’s quarterly trade forecast released last week shows that U.S. agricultural exports not only continue at a record-setting pace for fiscal year 2021, but they will eclipse the 2021 total in fiscal year 2022. The August forecast is USDA’s first look at expected exports for 2022.
Following the report, Agriculture Secretary Tom Vilsack says of farmers and ranchers, “global demand for their products is a testament to their quality, safety and commitment to sustainability and has led to a projected new record in U.S. agricultural exports.” The fiscal year 2021 forecast of $173.5 billion is $33.8 billion, or 24 percent, higher than the 2020 final total and nearly $17 billion above the previous record set in 2014. For fiscal year 2022, U.S. farm and food exports are projected at a record $177.5 billion, topping 2021’s forecasted level by $4 billion. The increase is primarily driven by expected record exports of soybeans, horticultural products, dairy products and sorghum.