US: Record Exports Expected in 2008

Matt Hopkins Posted by Matt Hopkins|10 June 2008

The US is expected to export a record US $108.5 billion in agricultural products this year, driven by gains in grains and animal products. US Agriculture Secretary Ed Schafer noted that "America’s increased export volume in bulk commodities like corn, other animal feeds, and soybeans make agriculture the bright spot in the overall balance of trade," said Schafer. "US producers are on track to export a record 63 million tons of corn and set new export volume and value records for pork. Export volumes and values are also up for many horticultural products with sales growth to Canada and the European Union being exceptionally strong."

Asia also continues to be an important growth market for US commodities. Exports to China are forecast to reach a record $10.5 billion, up almost $3.4 billion from 2007. Canada and Mexico remain the top two destinations for US exports, and are expected to demand $5 billion more than they did in 2007.

Agricultural imports will also increase to a record $78.5 billion, predicts the US Department of Agriculture. However, the $108.5 billion in export sales will net a positive agricultural trade surplus of $30 billion.