A U.S. Department of Agriculture report says the value of farm exports will push higher in 2017, coming on the heels of two straight years of lower numbers for farm goods. The forecast from USDA says fiscal year 2017 will see exports valued at just shy of $140 billion, up $10 billion from last year. That would break the two-year trend of steadily falling export values. The USDA also says the U.S. will see an agricultural trade surplus this year of $23 billion, thanks to stronger exports and more modest increases in imports. The USDA says the increase reflects stronger economic conditions around the world. It is also coming about because of the lower value of the U.S. dollar, which means foreign buyers get a much better deal in purchasing American agricultural products.
USDA has also released a preliminary forecast for 2018 exports, which they say will come in at $139 billion, slightly lower than predictions for this year.
Source: NAFB News Service