US Agricultural Trade to Hit Record Levels03 December 2012
US - US agricultural trade is forecast to hit record levels next financial year at $145 billion.
The total exceeds the estimates made in August this year by $1.5 billion and is expected to be $9.2 billion above the current year's exports.
According to the USDA's Economic Research Service grain and feed exports are expected to be down by $1.9 billion mostly due to lower corn exports.
Oilseed exports are up by $3.3 billion on much higher volumes and record prices and cotton exports are forecast to be down by $200 million in part due to reduced Chinese demand.
Llivestock, poultry and dairy exports are also expected to be down by $100 million but the export totals are expected to by bouyed by high horticultural exports.
US imports are forecast to reach a record $115 billion in 2013, up 11 per cent from 2012’s imports of $103.4 billion, but down $2 billion from the August forecast for 2013.
The forecast trade balance for fiscal 2013 shows a surplus of $30 billion, down $2.4 billion from 2012.
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