Farm exports from the US are projected to rise to $98 billion this fiscal year that began October 1, up $1.4 billion from fiscal 2009 for the second-highest total, according to USDA.
“A recovering global economy is expected to boost demand for US high-value products,” said USDA in a quarterly assessment of export and import prospects. Improved sales are expected for livestock, dairy and poultry products, corn and cotton compared to the initial forecast in August.
Farm exports hit a record $115 billion in fiscal 2008 and fell to $96.6 billion in fiscal 2009 due to falling demand resulting from the global recession.
USDA expects agricultural imports to increase to $77.5 billion this year from $73.4 billion in fiscal 2009. That would result in an agricultural trade balance of $20.5 billion for fiscal 2010.