Oct 07, 2021 2:15 PM

Exports projected to reach new high in fiscal year 2022

Posted Oct 07, 2021 2:15 PM

The total value of agriculture exports may reach an all-time high in fiscal year 2022, October through September.

USDA's Economic Research Service says higher shipments of major categories of commodities, including grains and feeds, oilseeds, and livestock, poultry, and dairy products, are primarily driving the increase.

Total U.S. agricultural export values are projected to reach $177.5 billion in fiscal year 2022, up from $173.5 billion in fiscal year 2021.  

Grains and feeds export values are projected up from their five-year average, reflecting higher international demand for corn, wheat, and feeds. Oilseeds are projected to reach a record $43.5 billion in fiscal year 2022.

International demand for soybeans coupled with higher prices is projected to drive export values to a record high for fiscal year 2021 before increasing further in fiscal year 2022. Livestock, poultry, and dairy exports, which have averaged $29.5 billion from 2015 to 2020, are forecast to rise to $36.8 billion in fiscal year 2022.