2010 U.S. ag trade to reach $104.5 billion
The U.S. Department of Agriculture forecasts that American farmers, ranchers and producers will reach $104.5 billion in trade in fiscal year 2010, an $8 billion increase over last year and second-highest level in the nation's history.
'With each $1 billion in exports supporting 8,000 to 9,000 jobs at home, efforts to increase trade are an important part of the administration's effort to strengthen our economy,' said U.S. Agriculture Secretary Tom Vilsack, in a statement.
The trade surplus in agriculture is also forecast to reach $28 billion, the second-highest ever achieved.
'The USDA has been working aggressively to improve opportunities for U.S. agricultural exports — including new offices abroad and a more constructive, effective dialogue on trade surplus in agriculture,' Vilsack said.
U.S. agricultural exports to China grew by about $3 billion to $10.6 billion during the first half of the fiscal year, making China the top U.S. market for this period. In total, exports to Asia have reached record highs, led by strong increases in China and Southeast Asia. Other outstanding country and regional customers include the European Union, Turkey and North Africa, the USDA report said.
The complete U.S. Agricultural Trade Outlook Forecast for fiscal year 2010 is available here.