WASHINGTON (Reuters) — U.S. farm exports are forecast at $137 billion in the next year, matching last year’s record total as increases in shipments of grain and livestock cover declines in cotton and oilseeds, the Agriculture Department said on Wednesday.
The USDA said in its first estimate for the fiscal year 2012, which begins on Oct. 1, that exports to China are forecast at $19 billion in 2012, $500 million lower from 2011. This would place China even with Canada as the top U.S. market in 2012.
“Soybeans and cotton account for a large majority of U.S. exports to China and both are forecast down this year on tighter supplies and greater export competition,” USDA said.
Grain and feed exports are forecast at a record $39 billion in fiscal 2012, up $600 million from the 2011 estimate.
Livestock, poultry, and dairy exports are forecast to rise $200 million to $27.1 billion with growth in pork, poultry, and animal by-products outweighing small declines in dairy and beef.
Meanwhile, USDA said oilseed and product exports are forecast at $28.3 billion, down $1 billion due to lower volumes while cotton shipments are estimated to decline $2.4 billion to $6.6 billion as the U.S. share of world trade is expected to fall.
Imports in 2012 are forecast at $105 billion, up 11 percent, from $94.5 billion in 2011.
To read the full report please go to: http://link.reuters.com/…
USDA will release its next trade outlook on Nov. 30.
Posted by Haylie Shipp