WASHINGTON (Reuters) — U.S. agricultural exports for fiscal 2014 hit a record US$152.5 billion, easily surpassing the previous high of $141 billion from 2013, the agriculture department said on Wednesday.
“Agricultural exports have climbed 41 percent in value over the past five years. U.S. agricultural exports have increased in volume as well as in monetary value, which demonstrates an increasing global appetite for high-quality, American-grown products,” said USDA secretary Tom Vilsack.
Bouncing back from the 2012 drought with bumper 2013 crops, U.S. grain and feed exports were up 16 percent on the year and soybean exports jumped 17 percent.
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Overall exports of major bulk products rose 14 percent on the year to $52.8 billion, and those of high-value products jumped five percent to $99.8 billion.
The final export value was in line with USDA’s most recent forecast, made in August.
At that time the agency cut $8 billion from its projection based on lower prices for soybean and soymeal exports, and lower export volumes for corn and wheat.
USDA forecasts a decline in export value in 2015 to $144.5 billion, mostly reflecting lower commodity prices.
Final U.S. agricultural imports for fiscal 2014 were $114.8 billion, up five percent on the year, giving the nation an agricultural trade surplus of almost $38 billion.
