Data from the Department of Agriculture shows exports of farm goods will push higher in 2017.
A forecast compiled by USDA predicts the value of agricultural exports in the fiscal year 2017 will hit nearly $140 billion, up $10 billion from the fiscal year 2016. With stronger exports and modest import increases in 2017, the U.S. will have an agricultural trade surplus of roughly $23 billion compared to $7 billion last year.
USDA says the increase reflects the improvement in the global economy, and it represents a lower value for the U.S. dollar to make a better deal for foreign buyers to purchase U.S. agricultural products, according to Farm Journal’s AgWeb.
The initial fiscal year 2018 forecast shows exports will reach $139 billion, slightly lower than the current level.
From the National Association of Farm Broadcasting News Service.