Value of ag exports expected to reach all-time high

The U.S. Department of Agriculture’s Economic Research Service is projecting the total value of U.S. agricultural exports to reach an all-time high in fiscal year 2022 (October-September). Higher shipments of major categories of commodities including grains and feeds, oilseeds and products, and livestock, poultry and dairy products are primarily driving the increase in value.

Total U.S. agricultural export values are projected to reach $177.5 billion in FY 2022, up from their previous high of $173.5 billion in FY 2021. Grains and feeds export values are projected up from their five-year average, reflecting higher international demand for corn, wheat, and feeds. Oilseeds and products are projected to reach a record $43.5 billion in FY 2022.

International demand for soybeans coupled with higher prices is projected to drive export values to a record high for FY 2021 before increasing further in FY 2022. Soybean meal exports also are projected to reach record value. Livestock, poultry, and dairy exports, which have averaged $29.5 billion from 2015 to 2020, are forecast to rise to $36.8 billion in FY 2022.

This projected increase is led by a rise in export value for all product groups except pork, with especially strong exports in beef and dairy. Higher prices and higher traded volumes for many commodities along with the reconciliation of trade disputes all contribute to the growth in export value.

This chart is drawn from data in ERS’s Outlook for U.S. Agricultural Trade, Aug. 26, 2021, and reflects USDA’s new definition of “Agricultural Products,” which includes ethanol, distilled spirits, and manufactured tobacco products and excludes rubber and allied products.