Ag Export Outlook 'Difficult' to Predict This Year, USDA Says
The current year for U.S. agricultural exporters will be a “difficult year to forecast” because of the uncertainty surrounding how quickly global economies will recover from the COVD-19 pandemic, the U.S. Department of Agriculture Foreign Agricultural Service said. Despite the…
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many unknowns, “strong demand” from China is expected to continue for many U.S. agricultural exporters, USDA said in its 2020 Agricultural Export Yearbook released April 5. U.S. soybean and corn exporters will continue to see gains, the agency predicted, especially as China continues to implement the phase one trade deal. Exporters can also expect increases in demand from Canada, Mexico and Japan due to recently signed trade deals (see 2103290042 and 1912050058). The report also provides statistics for U.S. agricultural exports to a range of U.S. trading partners in 2020, and breaks down the exports by commodity. Total U.S. agricultural exports rose 7% from 2019 to 2020, mostly due to increased shipments of soybeans, corn and pork to China, USDA said. Agricultural exports reached $146 billion last year.