The U.S. Department of Agriculture’s (USDA) Foreign Agricultural Service recently released the latest Quarterly Agricultural Export Forecast. The report is projecting American agricultural exports to reach $137 billion in Fiscal Year 2020, an increase of $2.5 billion from the revised forecast for 2019. The final export figures could see significant changes, as the current projection does not take into account the ongoing changes in the trade market.
“We are not reflecting the additional retaliatory tariffs announced on August 23, nor are we projecting ratification of the US-Mexico-Canada agreement, and we’re not including the expected conclusion of trade negotiations with Japan,” said USDA Deputy Chief Economist, Warren Preston. “As always, when we are doing our forecast and outlook projections, we take into account the policies that are in place at the time the projections are made.”
Listen to the report below.