Agricultural exports are estimated to reach $124.5 billion for Fiscal Year ’16 according to the USDA’s latest “Outlook for U.S. Agricultural Trade.”
This would be $15.2 billion below FY ’15 exports. This is the result of a strong dollar and lower exports to Southeast Asia and Africa. Agricultural imports are forecast to reach a record $114.8 billion. The U.S. agricultural trade surplus is forecast at $9.7 billion, down from $25.7 billion in FY ’15.
USDA estimates grain and feed exports at $27.7 billion which is an increase of $500 million compared to the February estimate. Oilseeds are estimated at $26.1 billion which is up $700 million from February. Livestock, dairy and poultry exports are estimated at $25.4 billion which is $300 million lower. China continues to be the largest market for U.S. agriculture, representing 16% of exports.
The North American Free Trade Agreement countries of Canada and Mexico account for 28% of U.S. agricultural exports.