U.S. farm exports reach third-highest level on record
U.S. agricultural exports totaled $140.5 billion in fiscal year (FY) 2017, climbing nearly $10.9 billion from the previous year to the third-highest level on record, according to a USDA press release. As it has done for more than 50 years, the U.S. agricultural sector once again posted an annual trade surplus, $21.3 billion, up almost 30 percent from last year’s $16.6 billion.
China finished the fiscal year as the United States’ largest export customer, with shipments valued at $22 billion, followed closely by Canada at $20.4 billion. U.S. agricultural exports to Mexico reached $18.6 billion, a 6 percent gain from last year, while exports to Japan grew 12 percent, to $11.8 billion. Rounding out the top 10 markets were the European Union ($11.6 billion), South Korea ($6.9 billion), Hong Kong ($4 billion), Taiwan ($3.4 billion), Indonesia ($3 billion) and the Philippines ($2.6 billion).
U.S. bulk commodity exports set a volume record at 159 million metric tons, up 11 percent from FY 2016, while their value rose 16 percent to $51.4 billion. The surge was led by soybean exports, which reached a record 60 million metric tons, valued at $24 billion. Exports of corn, wheat and cotton all grew as well, with the value of cotton exports climbing 70 percent, to $5.9 billion, wheat exports up 21 percent, to $6.2 billion, and corn exports up six percent, to $9.7 billion.
U.S. dairy exports grew 17 percent to $5.3 billion, beef exports were up 16 percent to $7.1 billion, and pork exports rose 14 percent to $6.4 billion. Overall, horticultural product exports increased 3 percent to nearly $33.9 billion, largely driven by an 8 percent increase in exports of tree nuts, which reached $8.1 billion, the second-highest total on record. Processed food and beverage exports rose 2 percent to $39.2 billion.
Exports are responsible for 20 percent of U.S. farm income, also driving rural economic activity and supporting more than one million American jobs both on and off the farm. USDA continues to work to boost export opportunities for U.S. agricultural products by opening new markets, pursuing new trade agreements, enforcing existing agreements, and breaking down barriers to trade.
Complete FY 2017 (Oct. 2016-Sept. 2017) agricultural export data are available from the Global Agricultural Trade System (GATS) database: https://apps.fas.usda.gov/gats/.